Pacifica Papers Inc. needed to conserve cash, so instead of a cash dividend the board of directors declared a 15% common share 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 $0.40 per share cash dividend on November 15, 2020 payable on December 2020, 10 shareholders of record on November 30, 2020. The equity section of Pacifica's December 31, 2019, balance sheet showed: Common shares, unlimited shares authorized, 1,400,000 shares issued and outstanding Retained earnings 58,968, eee 1,788, ece Required: 1. Journalize the declaration of the share dividend. The market prices of the shares were $14.80 on June 30, 2020 and $16.60 on July 15. 2020. Assume share dividends account is used when dividends are declared. View transaction list View journal entry worksheet Debit Credit NO Date June 30 2020 General Journal Share dividends Common share dividends distributable 2. Journalize the declaration of the cash dividend. Assume share dividends account is used when dividends are declared, View transaction list View journal entry worksheet No eneral Journal Debit Cr November 15, 2020 Cash dividends Common shares dividends payable 3. Prepare the equity section of the balance sheet at December 31, 2020. assuming profit earned during the year was $2.208,000. PACKA PAPERS INC Equy Section of Balance Sheet December 312020 Contributed capital: Common shares, unlimited shares authorized, 1.610.000 shares issued and outstanding Retained earnings D Total equity