AIM Inc. showed the following equity account balances on the December 31, 2019, balance sheet: Common shares,

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AIM Inc. showed the following equity account balances on the December 31, 2019, balance sheet:

Common shares, unlimited authorized shares,640,000 shares issued and outstanding ................................................. $5,760,000Retained earnings ........................................................................................ 2,130,000

During 2020, the following selected transactions occurred:

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Required

a. Journalize the transactions above (assuming the retirements were the first ever recorded by AIM Inc.).

b. Prepare the equity section on the December 31, 2020, balance sheet.

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Related Book For  book-img-for-question

Fundamental Accounting Principles Volume II

ISBN: 978-1260305838

16th Canadian edition

Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann

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