The balance sheet for Umi Sustainable Seafood Inc. reported the following components of equity on December 31, 2015 49 Common shares, unlimited shares authorized, 19,000 shares issued and outstanding Retained earnings Total equity $350,000 206,00 $564,000 02:36:42 In 2020, Umi had the following transactions affecting shareholders and the equity accounts: Dan. Feb. July Aug Sept. 5 The directors declared a $4.00 per share cash dividend payable on Feb. 28 to the Feb. 5 shareholders of record. 28 Paid the dividend declared on January 5. 6 Sold 750 common shares at $37.40 per share. 22 Sold 1,250 common shares at $28.00 per share. 5 The directors declared a $4.00 per share cash dividend payable on October 28 to the October 5 shareholders of record. 28 Paid the dividend declared on September 5. 31 Closed the $346,200 credit balance in the Income Summary account. 31 Closed the Cash Dividends account. Oct. Dec. 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 Journal entry worksheet 7 6 8 5 >