The balance sheet for Umi Sustainable Seafood Inc reported the following components of equity on December 31, 2019: 4 Common shares, unlimited shares authorised, 19,700 shares issued and outstanding Betained earnings Total egyity $365,000 213,000 $570,000 Spoed In 2020, Umi had the following transactions affecting shareholders and the equity accounts: Jan. 5 The directora declared a $3.30 pet share cash dividend payable on Feb. 27 to the reb. 5 shareholders of record Feb. 28 Paid the dividend declared on January 5. July 6 Sold 1.100 common shares at $38.10 per share. Aug. 22 Sold 1,600 common shares at $27.30 per share Sept. 5 The directora declared a 5.30 per share cash dividend payable on October 28 to the October 5 shareholders of record. Oct. 20 Paid the dividend declared on September 5. Dec 11 closed the $346,900 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 ist Journal entry worksheet Journal entry worksheet Journal entry worksheet 1 2 3 6 7 8 > Record the dividend declared on outstanding shares. Note: Enter debits before credits. Date General Journal Debit Credit Sep 05, 2020 Record entry Clear entry View general Journal View transaction list Journal entry worksheet 1 2 3 ALLAH 4 5 6 h 7 8 > Record cash dividend paid. Note: Enter debits before credits. General Journal Debit Credit Date Oct 28, 2020 Record entry Clear entry View general journal Journal entry worksheet 23 Journal entry worksheet Record to close the cash dividend account Note: Enter debits before credits General Journal Debit Credit Date Dec 31, 2020 Record entry Clear entry View general Journal Saved Help Save & Exit UMI SUSTAINABLE SEAFOOD INC. Statement of Changes in Equity For Year Ended December 31, 2020 Common Retained Shares Earnings Total Equity Balance, January 1 Balance, December 31 $ 0 $ 0 $ 3. Prepare the equity section of the corporation's balance sheet as of December 31, 2020. (Enter all amounts as positive values.) UMI SUSTAINABLE SEAFOOD INC. Equity Section of the Balance Sheet December 31, 2020 Contributed capital Total equity S 0