Arcus Development Inc.s equity section on the December 31, 2019, balance sheet showed the following information:

Common shares, unlimited shares authorized, 100,000 shares issued and outstanding	$	2,000,000
Retained earnings		385,000

On January 15, 2020, the companys 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 $21.90, $21.00, and $21.45, 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 $667,500.