The balance sheet for Umi Sustainable Seafood Inc. reported the following components of equity on December 31, 2019: Common shares, unlimited shares authorized, 19,880 shares issued and outstanding Retained earnings Total equity $366,000 214,000 $580,000 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. July 6 Sold 1,150 common shares at $38.20 per share. Aug. 22 Sold 1,650 common shares at $27.20 per share. Sept. 5 The directors declared a $3.20 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 $347,000 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. The company uses a Cash Dividends account when dividends are declared. View transaction list View journal entry worksheet Date General Journal 1 Jan 05, 2020 Cash dividends Common dividend payable No Debit Credit 1 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.) UMI SUSTAINABLE SEAFOOD INC. Statement of Changes in Equity For Year Ended December 31, 2020 Common Retained Shares Earnings Total Equity Balance, January 1 Balance, December 31 , $ 0 $ 0 0 S $ 0 0 3. Prepare the equity section of the corporation's balance sheet as of December 31, 2020. (Enter all amounts as positive values.) UMI SUSTAINABLE SEAFOOD INC. Equity Section of the Balance Sheet December 31, 2020 Contributed capital: Total equity $ 0 0