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Assignment 12 Chapters 12.13.4 Sever The balance sheet for Umi Sustainable Seafood Increported the following components of equity on December 31, 2019 2 Connon shares, unlimited shares authorized 21,00 Shares issued and outstanding Retained earnings Total equity $378,000 225.00 360,000 Calpool In 2020, Umi had the following transactions affecting shareholders and the equity accounts a. 5 The directors declared a 54.20 per share cash dividend payable on Feb. 21 to the Feb. 3 Shareholders of record Feb. 20 Paid the discomod declared on January 5. July 6 Sold 1.250 comon shares at $9.40 per share. A 22 Sold 1,758 common shares at $26.20 per share. Spot The directors declared a 14.20 per share cash dividend payable on October 28 to the October Shareholders of record Oct 20 Paid the dividend scared on September 3 closed the $340,200 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 Cash Dividends account when dividends are declared View transaction Journal entry worksheet bent #2 - Chapters 123 dividends are declared. View transaction list Journal entry worksheet 2 1 3 4 5 6 7 8 Record the dividend dedared on 21,000 outstanding shares. Note Enter debits before credits. Debit Credit General Journal Date Jan 05, 2020 Record entry Clear entry View general joumal 2 View transaction list Journal entry worksheet kipped Record the issuance of common shares. Note: Enter debits before credits. General Journal Debit Credit Date Jul 06, 2020 Record entry Clear entry View general journal ROVER 2 View transaction list Journal entry worksheet cipped 1 2 3 5 67 8 Record the issuance of common shares. Note: Enter debits before credits. Date General Journal Debit Credit Aug 22, 2020 Record entry Clear entry View general journal 2 View transaction list Journal entry worksheet kipped