tech incs board of directors

Arcus Development Inc.'s equity section on the December 31, 2019, balance sheet showed the following information: Common shares, unlimited shares authorized, 220,000 shares issued and outstanding $3,432,000 Retained earnings 562,500 On January 15, 2020, the company's board of directors declared a 5% share dividend to the shareholders of record on January 20 to be distributed on January 30. The market prices of the shares on January 15, 20, and 30 were $18.60, $16.60, and $17.60, respectively, Required: 1. Prepare the required entries for January 15, 20, and 30. Assume share dividends account is used when dividends are declared. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 2. Prepare the equity section on the January 31, 2020, balance sheet, assuming profit earned during January 2020 was $607,500. ARCUS DEVELOPMENT INC. Equity Section of Balance Sheet January 31, 2020 Contributed capital: