The balance sheet for Umi Sustainable Seafood Inc. reported the following components of equity on December $31,2019$:

References

Common shares, unlimited shares authorized, $19,100$ shares issued and outstanding

Retained earnings

Total equity

In $2020,$ Umi had the following transactions affecting shareholders and the equity accounts:

Jan. $5$ The directors declared a $$3\mathrm{.}90$ 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 $800$ common shares at $$37\mathrm{.}50$ per share.

Sept. $5$ The directors declared a $$3\mathrm{.}90$ per share cash dividend payable on october $28$ to the October $5$ shareholders of record.

$0$ct$.28$ Paid the dividend declared on September $5.$

Dec. $31$ Closed the $$346,300$ credit balance in the Income Summary account.

Required:

Prepare journal entries to record the transactions and closings for $2020.$ The company uses a Cash Dividends account when dividends are declared.

No

Date

General Journal

Debit

Credit

Prepare the equity section of the corporation's balance sheet as of December $31,2020.($Enter all amounts as positive values.$)$