Finally, Page 48 is ready!
Those of you who've read The Journal may see that I am not following the storyline closely: what Twilight is reading to Flurry is a short, simplified version of the Heart chapter fit for the youngest audience; the continuation that Spike "sees" is something different altogether - more will follow on the next page.
Also, I would like to remind you that Celestia (and Luna by proxy) are Flurry's grandaunts, because Celestia has adopted Cadance as her niece in one of the chapter books.
PS: It has come to my attention that last panel wasn't clear - talking to Princesses is not Spike, but another dragon, owner of the Heart. I have changed his eye colour & colour-coded his dialogue. Hope that helps.