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{.}25$ 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$$s December $31,2023,$ balance sheet showed: Common shares, unlimited shares authorized, $550,000$ shares issued and outstanding $ $5,390,000$ Retained earnings $3,400,000$ Required: $1.$ Journalize the declaration of the share dividend. The market prices of the shares were $$17\mathrm{.}10$ on June $30,2023,$ and $$19\mathrm{.}10$ on July $15,2023.$ Assume share dividends account is used when dividends are declared. $2.$ Journalize the declaration of the cash dividend. Assume share dividends account is used when dividends are declared. $3.$ Prepare the equity section of the balance sheet at December $31,2023,$ assuming profit earned during the year was $$3,189,000.$