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 $373,000 Retained earnings 221, 000 Total equity $594, 000 In 2020, Umi had the following transactions affecting shareholders and the equity accounts: Jan. 5 The directors declared a $3.70 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 1,000 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. Required: 1. Prepare journal entries to record the transactions and closings for 2020. The company uses a Cash Dividends account when dividends are declared.3. Prepare the equity section of the corporation's balance sheet as of December 31, 2020. (Enter all amounts as positive values.) 9 Answer is not complete. Contributed capital: Total equity $ 0 Share Capital Retained Earnings APIC Total Beginning Balance 373,000.00 221,000.00 594,000.00 05-Jan 75,850.00 75,850.00 06-Jan 18,200.00 20,700.00 38,900.00 22-Aug 27,300.00 14,250.00 41,550.00 05-Sep 85,100.00 85,100.00 31-Dec 347,700.00 347,700.00 418,500.00 407,750.00 34,950.00 861,200.00