Question: 5-Corporate Reporting (20 marks) Arcus Development Inc.'s equity section on the December 31, 2019, balance sheet showed the following information: Common shares, unlimited shares authorized,

5-Corporate Reporting (20 marks) Arcus Development Inc.'s equity section on the December 31, 2019, balance sheet showed the following information: Common shares, unlimited shares authorized, 120,000 shares issued and outstanding $2,304,000 Retained earnings 605,000 On January 15, 2020, the company's board of directors declared a 10% 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 $21.30, $20.20, and $20.75, respectively. Required: 1. Prepare the required entries for January 15, 20, and 30. Assume share dividends account is used when dividends are declared. Date General Journal Debit Credit 2. Prepare the equity section on the January 31, 2020, balance sheet, assuming profit earned during January 2020 was $750,000. Arcus Development Inc. Equity Section of Balance Sheet January 31, 2020 Capital Retained Earnings Total Equity

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