Arcus Development Inc.'s equity section on the December 31, 2019, 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, 2020, 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 $17.40, $15.00, and $16.20, respectively. Required: 1. 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.) Required: 1. 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.) View transaction list Journal entry worksheet 1 2 3 Record the declaration of share dividends to common shareholders. Note: Enter debits before credits. Debit General Journal Credit Date January 15, 2020 View general journal Clear entry Record entry View transaction list X 1 Record the declaration of share dividends to common shareholders. 2 Record the date of entry into the books of accounts. 3 Record the distribution of share dividends to common shareholders. bit Cre 2. Prepare the equity section on the January 31, 2020, balance sheet, assuming profit earned during January 2020 was $705,000. ARCUS DEVELOPMENT INC. Equity Section of Balance Sheet January 31, 2020 Contributed capital $ 0 Total equity