Arcus Development Inc.s equity section on the December 31, 2022, balance sheet showed the following information:

Common shares, unlimited shares authorized, 250,000 shares issued and outstanding	$	3,600,000
Retained earnings		422,500

On January 15, 2023, 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 $17.70, $15.40, and $16.55, 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, 2023, balance sheet, assuming profit earned during January 2023 was $687,500.

ARCUS DEVELOPMENT INC.
Equity Section of Balance Sheet
January 31, 2023
Contributed capital:
Total equity	$0