Problem 12-6A Share transactions, dividends, statement of changes in equity LO2, 3, 4, 5, 6 CHECK FIGURES: 2. Retained earnings, December 31, 2021 = $394,400; 3. Total equity = $861,680 The balance sheet for Umi Sustainable Seafood Inc. reported the following components of equity on December 31, 2019: Common shares, unlimited shares authorized, 20,800 shares issued and outstanding.. $376,000 Retained earnings... 224,000 Total equity ... $600,000 In 2020, Umi had the following transactions affecting shareholders and the equity accounts: Jan. 5 The directors declared a $4.00 per share cash dividend payable on Feb. 28 to the Feb. 5 shareholders of record. Feb. 28 Paid the dividend declared on January 5. July 6 Sold 1,150 common shares at $39.20 per share. Aug. 22 Sold 1,650 common shares at $28.00 per share. Sept. 5 The directors declared a $4.00 per share cash dividend payable on October 28 to the October 5 shareholders of record. Oct. 28 Paid the dividend declared on September 5. Dec. 31 Closed the $348,000 credit balance in the Income Summary account. 31 Closed the Cash Dividends account. Required 1. Prepare journal entries to record the transactions and closings for 2020. 2. Prepare a statement of changes in equity for the year ended December 31, 2020. 3. Prepare the equity section of the corporation's balance sheet as of December 31, 2020. Analysis Component: Explain the relationship between assets and retained earnings; use your answer in Part 3 above as part of the explanation