The balance sheet for Umi Sustainable Seafood Inc. reported the following components of equity on December 31, 2019: Common shares, unlimited shares authorized, 20,500 shares issued and outstanding Retained earnings Total equity $373,000 221,000 $594,000 In 2020, Umi had the following transactions affecting shareholders and the equity accounts: Jan. Feb. 5 The directors declared a $3.70 per share cash dividend payable on Feb. 28 to the Feb. 5 shareholders of record. 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 October 28 to the October 5 shareholders of record. Oct. 28 Paid the dividend declared on September 5. Dec. 31 Closed the $347,700 credit balance in the Income Summary account. 31 Closed the Cash Dividends account. 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.) Answer is not complete. UMI SUSTAINABLE SEAFOOD INC. Statement of Changes in Equity For Year Ended December 31, 2020 Common Shares Retained Earnings Total Equity Balance, January 1 $ 373,000 $ 221,000 ( $ 594,000 Issuance of shares 347,700 347,700 x Profit 80,450 x 80,450 x Dividends (160,950) (160,950) Balance, December 31 $ 453,450 $ 407,750 $ 861,200