The balance sheet for Umi Sustainable Seafood Inc. reported the following components of equity on December $31,2022$:

Common shares, unlimited shares authorized, $20,600$ shares issued and outstanding $ $374,000$

Retained earnings $222,000$

Total equity $ $596,000$

In $2023,$ Umi had the following transactions affecting shareholders and the equity accounts:

Jan. $5$ The directors declared a $$3\mathrm{.}80$ 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 $1,050$ common shares at $$39\mathrm{.}00$ per share.

Aug. $22$ Sold $1,550$ common shares at $$27\mathrm{.}80$ per share.

Sept. $5$ The directors declared a $$3\mathrm{.}80$ 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 $$347,800$ 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 $2023.$ The company uses a Cash Dividends account when dividends are declared.

$2.$ Prepare a statement of changes in equity for the year ended December $31,2023.($Amounts to be deducted should be indicated by a minus sign.$)$

$3.$ Prepare the equity section of the corporation$$s balance sheet as of December $31,2023.$