Underwater Co. had the following equity account balances as at December 31, 2019:

Underwater Co. had the following equity account balances as at December 31, 2019: Contributed capital: Preferred shares, $3.70, cumulative, 56,000 authorized 3,200 shares issued and outstanding $40,500 Common shares, Unlimited shares authorized 47,000 shares issued and outstanding $399,500 Retained earnings $335,000 In 2020, Underwater Co. had the following transactions: Jan 1 Repurchased and retired 12,000 common shares at $11.00 April 15 The board of directors declared the annual cash dividend of $200,000 Dividends were not declared for the year 2019. April 30 Date of record for the April 15 declared dividend May 15 Paid the dividends declared on April 15 August 1 11,000 of preferred shares were issued at $5.60 each Dec 31 Closed the dividend account along with the $55,000 credit balance in the income summary Required: a) Present all the required journal entries for the year 2020 based on the above information. Do not record dividends directly to retained earnings. If a journal entry is not required, state "No Journal Entry". b) Prepare the Statement of Changes in Equity for the year ended December 31, 2020 c) Prepare the Equity Section of the Balance Sheet at December 31, 2020b) Prepare the Statement of Changes in Equity for the year ended December 31, 2020 c) Prepare the Equity Section of the Balance Sheet at December 31, 2020