The balance sheet for Umi Sustainable Seafood Inc. reported the following components of equity on December 31 , 2019: In 2020, Umi had the following transactions affecting shareholders and the equity accounts: Jan. 5 The directors declared a $3.20 per share cash dividend payable on Feb. 28 to the Feb. 5 shareholders of record. Feb. 28 Paid the dividend declared on January 5. Juty 6 Sold 750 common shares at $38.40 per share. Aug. 22 Sold 1,250 common shares at $27.20 per share. Sept. 5 The directors declared a $3.20 per share cash dividend payable on 0ctober 28 to the October 5 shareholders of record. 0ct. 28 Paid the dividend declared on September 5. Dec. 31 Closed the $347,200 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. Journal entry worksheet 345678> Record the dividend declared on 20,000 outstanding shares. Note: Enter debits before credits. 2. Prepare a statement of changes in equity for the year ended December 31,2020 . (Amounts to be deducted should be indicated by a minus sign.) 3. Prepare the equity section of the corporation's balance sheet as of December 31, 2020. (Enter all amounts as positive values.)