Explain Problem 12-6A Share transactions, dividends, statement of changes in equity LO2,3,4.5. CHECK FIGURES: 2. Retained earnings, December 31, 2018 $428,800; 3. Total equity $859,600 The balance sheet for Umi Sustainable Seafood Inc. reported the following components of equity December 31, 2017: Common shares, unlimited shares authorized 20,000 shares issued and outstanding $368,000 216.000 Retained earnings. $584,000 Total equity In 2018, Umi had the following transactions affecting shareholders and the equity accounts: The directors declared a $3.20 per share cash dividend payable on Feb. 28 to the Feb. 5 shareholders of reco Jan Paid the dividend declared on January 5. Feb 28 Sold 750 common shares at $38.40 per share. July Aug Sold 1,250 common shares at $27.20 per share. 22 The directors declared a $3.20 per share cash dividend payable on October 28 to the October 5 shareholders Sept. 5 of record. Paid the dividend declared on September 5 Closed the $347,200 credit balance in the Income Summary account. Oct 28 Dec 31 31 Closed the Cash Dividends account. Required 1. Prepare journal entries to record the transactions and closings for 2018. 2. Prepare a statement of changes in equity for the year ended December 31, 2018. 3. Prepare the equity section of the corporation's balance sheet as of December 31, 2018