On July 31,Sweep Airline Ltd Also Note That on July 31 the Market Value of Common

On July 31,Sweep Airline Ltd.'s equity was:
$\begin{array}{|l|r|}\hline \begin{array}{l}\text { Common shares, unlimited shares authorized, } 100,000 \text { shares } \\\text { issued and outstanding }\end{array} & \$ 400,000 \\\hline \text { Retained earnings } & 550,000 \\\hline \text { Total equity } & \$ 950,000 \\\hline\end{array}$ Also note that on July 31 the market value of Sweep Airline's shares was $12 per share.The directors considered declaring a 10% or 20% share dividend and wanted to know what effect each share dividend would have on total equity.Calculate the balances that should be in the following accounts after a share dividend distribution.
$\begin{array}{|l|c|c|}\hline & \begin{array}{c}\text { Balances After 10\% Share } \\\text { Dividend }\end{array} & \begin{array}{c}\text { Balances After 20\% Share } \\\text { Dividend }\end{array} \\\hline \text { Common shares } & & \\\hline \text { Retained earnings } & & \\\hline\end{array}$