The balance sheet for Umi Sustainable Seafood Inc. reported the following components of equity on December 31, 2019: Common shares, unlimited shares authorized, 20,100 shares issued and outstanding Retained earnings Total equity $369,000 217,000 $586,000 In 2020, Umi had the following transactions affecting shareholders and the equity accounts: 5 The directors declared a $3.30 per share cash dividend payable on Feb. 28 to the Feb. 5 shareholders of record. Jan. Feb. 28 Paid the dividend declared on January 5. July 6 Sold 800 common shares at $38.50 per share. Aug. 22 Sold 1,300 common shares at $27.30 per share. Sept. 5 The directors declared a $3.30 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 $347,300 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.