acifica Papers Inc. needed to conserve cash, so instead of a cash dividend the board of directors declared a $5\%$ common share dividend on June $30,2023,$ distributable on July $15,2023.$ Because performance during $2023$ was better than expected, the company$$s board of directors declared a $$1\mathrm{.}10$ per share cash dividend on November $15,2023,$ payable on December $1,2022,$ to shareholders of record on November $30,2023.$ The equity section of Pacifica$$s December $31,2023,$ balance sheet showed:

Common shares, unlimited shares authorized, $700,000$ shares issued and outstanding $ $6,440,000$

Retained earnings $3,100,000$

Required:

$1.$ Journalize the declaration of the share dividend. The market prices of the shares were $$16\mathrm{.}70$ on June $30,2023,$ and $$18\mathrm{.}70$ on July $15,2023.$ Assume share dividends account is used when dividends are declared.

$2.$ Journalize the declaration of the cash dividend. Assume share dividends account is used when dividends are declared.

$3.$ Prepare the equity section of the balance sheet at December $31,2023,$ assuming profit earned during the year was $$1,937,000.$