Arcus Development Inc.$\text{'}$s equity section on the December $31,2022,$ balance sheet showed the following information:

Common shares, unlimited shares authorized, $260,000$

shares issued and outstanding

Retained earnings

$$3,640,000$

$622,500$

On January $15,2023,$ the company's board of directors declared a $5\%$ share dividend to the shareholders of record on January $20$ to be distributed on January $30.$ The market prices of the shares on January $15,20,$ and $30$ were $$17\mathrm{.}40,$$$15\mathrm{.}00,$ and $$16\mathrm{.}20,$ respectively.

Required:

Prepare the required entries for January $15,20,$ and $30.$ Assume share dividends account is used when dividends are declared. $($If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.$)$

Journal entry worksheet

$1$

$23$

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$2$ prepare the equity section on the january $312023$ balance sheet assuming profit earned during january $2023$ was $705000$