The balance sheet for Umi Sustainable Seafood Inc. reported the following components of equity on December 31, 2019: Common shares, unlimited shares authorized, 20, 900 shares issued and outstanding Retained earnings Total equity $377,000 225,000 $602,000 In 2020, Umi had the following transactions affecting shareholders and the equity accounts: Jan. 5 The directors declared a $4. 10 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 1,200 common shares at $39. 30 per share. Aug. 22 Sold 1,700 common shares at $28. 10 per share. Sept. 5 The directors declared a $4. 10 per share cash dividend payable on October 28 to the October 5 shareholders of record. Oct. Dec. 28 Paid the dividend declared on September 5. 31 Closed the $348, 100 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 Record the dividend declared on 20,900 outstanding shares. Note: Enter debits before credits. Date Jan 05, 2020 General Journal Debit Credit Record cash dividend paid. Note: Enter debits before credits. Date Feb 28, 2020 General Journal Debit Credit Record the issuance of common shares. Note: Enter debits before credits. Date Jul 06, 2020 General Journal Debit Credit 4 5 6 7 8 Record the issuance of common shares. General Journal Debit Credit Note: Enter debits before credits. Date Aug 22, 2020 Record the dividend declared on outstanding shares. Note: Enter debits before credits. Date Sep 05, 2020 General Journal Debit Credit General Journal Debit Credit Note: Enter debits before credits. Date Oct 28, 2020 Record to close the income summary account. Note: Enter debits before credits. Date Dec 31, 2020 General Journal Debit Credit 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.) Balance, January 1 Balance, December 31 UMI SUSTAINABLE SEAFOOD INC. Statement of Changes in Equity For Year Ended December 31, 2020 Common Shares Retained Earnings Total Equity