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 $0.40 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: Required: 1. Journalize the declaration of the share dividend. The market prices of the shares were $14.80 on June 30,2023 , and $16.60 on July 15, 2023. Assume share dividends account is used when dividends are declared. Journal entry worksheet Record the share dividends declared. Note: Enter debits before credits: 2. Journalize the declaration of the cash dividend. Assume share dividends account is used when dividends are declared. Journal entry worksheet Record the cash dividends declared. Note: Enter debits before credits. 3. Prepare the equity section of the balance sheet at December 31,2023 , assuming profit earned during the year was $2,208,000