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 $30,2023,$ distributable on July $15,2023.$ Because performance during $2023$ was better than expected, the

company's board of directors declared a $$0\mathrm{.}70$ 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:shares issued and outstanding $$8,360,000$

Retained earnings $2,300,000$Required:

Journalize the declaration of the share dividend. The market prices of the shares were $$14\mathrm{.}80$ on June $30,2023,$ and $$16\mathrm{.}70$ on July

$15,2023.$ Assume share dividends account is used when dividends are declared.

Journal entry worksheet

$1$

Record the share dividends declared.

Note: Enter debits before credits. Journalize the declaration of the cash dividend. Assume share dividends account is used when dividends are declared.

Journal entry worksheet

$1$

Record the cash dividends declared. Prepare the equity section of the balance sheet at December $31,2023,$ assuming profit earned during the year was $$1,439,000.$

Journalize the decli