1. value: 10.00 points Arcus Development Inc.'s equity section on the December 31, 2016, balance sheet showed the following information: Common shares, unlimited shares authorized, 160,000 shares issued and outstanding Retained earnings $2,880,000 410,000 On January 15, 2017, the company's board of directors declared a 15% 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 $20.40, $19.00, and $19.70, 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, 2017, balance sheet, assuming profit earned during January 2017 was $640,000. ARCUS DEVELOPMENT INC. Equity Section of Balance Sheet January 31, 2017 Contributed capital: Common shares, unlimited shares authorized, 184,000 shares issued and outstanding Retained earnings 560,400 Total equity | $ 560,400