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 5369.000 217,000 3986,000 in 2020. Um had the following transactions affecting shareholders and the equity accounts: Jan Feb. July Aug Sept. 5 the directors declared a $3.30 per share cash dividend payable on Feb. 28 to the Feb. 5 shareholders of record 28 paid the dividend declared on January 5. 6 Sold 800 Con shares at $38.50 per share. 22 Sold 1,300 connon shares at $27.30 per Share 5 The directors declared a $9.30 per share cash dividend payable on October 23 to the October 5 shareholders of record 28 Paid the dividend declared on September 5. 31 closed the $347,300 credit balance in the Incone Sumany account. 31 closed the Cash Dividends account Oct. Dec 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 cash dividend paid. Note: Enter debits before credits. Date General Journal Debit Credit Feb 28, 2020 Record entry Clear entry View general journal 3:37 View transaction list Journal entry worksheet 2 3 4 5 6 7 8 Record the issuance of common shares. Note: Enter debits before credits. Date General Journal Debit Credit Jul 06, 2020 Record entry Clear entry View general journal 43 View transaction list Journal entry worksheet Record the issuance of common shares. Note: Enter debits before credits Date General Journal Debit Credit Aug 22, 2020 Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 2 3 5 6 7 8 Record the dividend declared on outstanding shares. Note: Enter debits before credits. Debit Credit General Journal Date Sep 05, 2020 Record entry Clear entry View general journal View transaction list Journal entry worksheet Record cash dividend paid. Note: Enter debits before credits. General Journal Debit Date Oct 28, 2020 Credit Record entry Clear entry View general Journal View transaction list Journal entry worksheet Record to close the income summary account. Note: Enter debits before credits Date General Journal Debit Credit Dec 31, 2020 Record entry Clear entry View general journal View transaction list Journal entry worksheet