Q1: Fly Ltd.'s common shares currently trade at $40 per share (100,000 shares outstanding which were originally sold for $25 apiece). On January 18th, the corporation declares a 5% share dividend (distributable on February 28). Make the Jan 18th and Feb 28th journal entries. Assuming Fly Ltd. had a retained earnings balance of $365,000 prior to the share dividend declaration and no preferred shares, prepare the equity section on its March 1* balance sheet