Saved The balance sheet for Umi Sustainable Seafood Inc. reported the following components of equity on December 31, 2019: Common shares, unlimited shares authorized, 19,200 shares issued and outstanding Retained earnings Total equity $360,000 208,000 $568,000 In 2020, Umi had the following transactions affecting shareholders and the equity accounts: Jan. 5 The directors declared a $3.80 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 850 common shares at $37.60 per share. Aug- 22 Sold 1,350 common shares at $27.80 per share. Sept. 5 The directors declared a $3.80 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 $346,400 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. The company uses a Cash Dividends account when dividends are declared.