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  3. the balance sheet for umi sustainable seafood inc.

The balance sheet for Umi Sustainable Seafood Inc. reported the following components of equity on...

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Question

Accounting

The balance sheet for Umi Sustainable Seafood Inc. reported the following components of equity on December 31,2019:
References
Common shares, unlimited shares authorized, 19,100 shares issued and outstanding
Retained earnings
Total equity
In 2020, Umi had the following transactions affecting shareholders and the equity accounts:
Jan. 5 The directors declared a $3.90 per share cash dividend payable on Feb. 28 to the Feb. 5 shareholders of record.
Feb. 28 Paid the dividend declared on January 5.
July 6 Sold 800 common shares at $37.50 per share.
Sept. 5 The directors declared a $3.90 per share cash dividend payable on october 28 to the October 5 shareholders of record.
0ct.28 Paid the dividend declared on September 5.
Dec. 31 Closed the $346,300 credit balance in the Income Summary account.
Required:
Prepare journal entries to record the transactions and closings for 2020. The company uses a Cash Dividends account when dividends are declared.
No
Date
General Journal
Debit
Credit
Prepare the equity section of the corporation's balance sheet as of December 31,2020.(Enter all amounts as positive values.)
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