The balance sheet for Umi Sustainable Seafood Inc. reported the following components of equity on December 31, 2022:

Common shares, unlimited shares authorized, 19,600 shares issued and outstanding$364,000 Retained earnings 212,000 Total equity$576,000

In 2023, Umi had the following transactions affecting shareholders and the equity accounts:

Jan.5 The directors declared a $3.40 per share cash dividend payable on Feb. 28 to the Feb. 5 shareholders of record.Feb.28 Paid the dividend declared on January 5.July6 Sold 1,050 common shares at $38.00 per share.Aug.22 Sold 1,550 common shares at $27.40 per share.Sept.5 The directors declared a $3.40 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 $346,800 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.

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 corporations balance sheet as of December 31, 2023. (Enter all amounts as positive values.)