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

Common shares, unlimited shares authorized, $290,000$ shares issued and outstanding $ $3,712,000$

Retained earnings $542,500$

On January $15,2023,$ the company$$s board of directors declared a $10\%$ share dividend to the shareholders of record on January $20$ to be distributed on January $30.$ The market prices of the shares on January $15,20,$ and $30$ were $$16\mathrm{.}50,$ $$13\mathrm{.}80,$ and $$15\mathrm{.}15,$ respectively.

Required:

$1.$ Prepare the required entries for January $15,20,$ and $30.$ Assume share dividends account is used when dividends are declared.

$2.$ Prepare the equity section on the January $31,2023,$ balance sheet, assuming profit earned during January $2023$ was $$707,500.$