Problem 12-6A Share transactions, dividends, statement of changes in equity L02, 3, 4, 5, 6 CHECK FIGURES: 2. Retained earnings, December 31, 2021 = $394,400; 3. Total equity = $861,680 The balance sheet for Umi Sustainable Seafood Inc. reported the following components of equity on December 31, 2019: Common shares, unlimited shares authorized, 20,800 shares issued and outstanding...... Retained earnings....... Total equity......... $376,000 224,000 $600,000 In 2020, Umi had the following transactions affecting shareholders and the equity accounts: Jan. Feb. July Aug. Sept. 5 28 6 22 5 The directors declared a $4.00 per share cash dividend payable on Feb. 28 to the Feb. 5 shareholders of record. Paid the dividend declared on January 5. Sold 1,150 common shares at $39.20 per share. Sold 1,650 common shares at $28.00 per share. The directors declared a $4.00 per share cash dividend payable on October 28 to the October 5 shareholders of record. Paid the dividend declared on September 5. Closed the $348,000 credit balance in the Income Summary account. Closed the Cash Dividends account. Oct. 28 Dec. 31 31 Required 1. Prepare journal entries to record the transactions and closings for 2020. 2. Prepare a statement of changes in equity for the year ended December 31, 2020. 3. Prepare the equity section of the corporation's balance sheet as of December 31, 2020. Analysis Component: Explain the relationship between assets and retained earnings; use your answer in Part 3 above as part of the explanation