Pacific Papers Inc needed to conserve cash, so instead of a cash dividend the board of directors declared a 15% common store dividend on June 30, 2020, distributable on July 15, 2020. Because performance during 2020 was better than expected, the company's board of directors declared a 5085 per share cash dividend on November 15, 2020, payable on December 2020, shareholders of record on November 30, 2020. The equity section of Pacifical December 31, 2019, balance sheet showed Com shares, unlimited shares authorired, 950,000 shares issued and outstanding Retaineilearning 37,790,000 3.000, Required: 1. Journalize the declaration of the share dividend. The market prices of the shares were $1690 on June 30, 2020, and $19.00 on July 15, 2020. Assume share dividends account is used when dividends are declared, View transaction ist Journal entry worksheet 1 Record the share dividends declared, 2 Journalize the declaration of the cash dividend. Assume share dividends account is used when dividends are declared View transactions Journal entry worksheet 1 Record the cash dividends declared. Noter Enter debits before credits Date General Journal Debit Credit November 15, 2020 3. Prepare the equity section of the balance sheet at December 31, 2020, assuming profit earned during the year was $3.443.000 Lilly Sie Contributed capital Total equity