The balance sheet for Umi Sustainable Seafood Inc. reported the following components of equity on December 31, 2019: Common shares, unlimited shares authorized, 20,000 shares issued and outstanding Retained earnings Total equity $368,000 216,000 $584,000 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 750 common shares at $38.40 per share. Aug. 22 Sold 1,250 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 $347,200 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 Journal entry worksheet > 1 2 3 4 5 6 7 8 Record the dividend declared on 20,000 outstanding shares. Note: Enter debits before credits. Date Jan 05, 2020 General Journal Debit Credit Record entry Clear entry View general journal