The balance sheet for Umi Sustainable Seafood Inc. reported the following components of equity on December 31, 2022: In 2023, Umi had the following transactions affecting shareholders and the equity accounts: Jan. 5 The directors declared a $3.70 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 1,000 common shares at $38.90 per share. Aug. 22 Sold 1,500 common shares at $27.70 per share. Sept. 5 The directors declared a $3.70 per share cash dividend payable on 0ctober 28 to the 0ctober 5 shareholders of record. oct. 28 Paid the dividend declared on September 5. bec. 31 Closed the $347,700 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 2023 . The company uses a Cash Dividends account when dividends are declared. 1 Record the dividend declared on 20,500 outstanding shares. 2 Record cash dividend paid. 3 Record the issuance of common shares. 4 Record the issuance of common shares. 5 Record the dividend declared on outstanding shares. 6 Record cash dividend paid. 7 Record to close the income summary account. Note : = journal entry has been entered 2. Prepare a statement of changes in equity for the year ended December 31 , 2023. (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, 2023. (Enter all amounts as positive values.)