Pacifica Papers Inc. needed to conserve cash, so instead of a cash dividend the board of directors declared a $5\%$ 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{.}50$ 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:

Common shares, unlimited shares authorized, $1,300,000$ shares issued and outstanding Retained earnings

$$8,840,000$

$1,900,000$

Required:

Journalize the declaration of the share dividend. The market prices of the shares were $$13\mathrm{.}60$ on June $30,2023,$ and $$15\mathrm{.}50$ on July $15,2023.$ Assume share dividends account is used when dividends are declared.

$\backslash$table$[[$No$,$Date,General Journal,Debit,Credit$],[1,$June $30,2023,$Share dividends,$884,000,],[,,$Common share dividends distributable,,$884,000]]$

Prepare the equity section of the balance sheet at December $31,2023,$ assuming profit earned during the year was $$2,384,000.$

$\backslash$table$[[$PACIFICA PAPERS INC.$],[$Equity Section of Balance Sheet,$],[$December $31,2023,],[$Contributed capital:,$],[$Common shares, unlimited shares authorized, $1,365,000$ shares issued and outstanding,$],[$Retained earnings,$],[,],[$Total equity,$