4 AIM Inc. showed the following equity account balances on the December 31, 2019, balance sheet: Common shares, unlimited authorized shares, 950,100 shares issued and outstanding $7,505,790 Retained earnings 2,178,800 During 2020, the following selected transactions occurred Peb. 10 Reparchased and retired 230,400 common shares at $10.00 per share this is the first retirement recorded by XIX. May 15 Declared a 2:1 share split to shareholders of record on June 1, distributable June 15. Dec. 1 Declared a 10% share dividend to shareholders of record on December 10, distributable December 20. The market prices of the shares on December 1, December 10, and December 20 were $6.00 $7.40, and $5.50, respectively. 20 Distributed the share dividend declared December 1. 31 closed the credit balance of $941,359 in the Income Summary account Required: a. Journalize the transactions above assuming the retirements were the first ever recorded by AIM Inc.). The company does not use a share dividends account. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is complete but not entirely correct. General Journal Credit Ne 1 Date February 10, 2020 Common shares Retained earnings Cash Debit 1,020,160 483.840 2,304,000 2 IMay 15, 2020 950,100 Common shares Common share dividends distributable 568,583 3 568.563 December 01,200 Retained earnings Common share dividends distributable 560,503 568.563 December 20, 204 Common share dividends distributable Common shares 588 583 5 241.350 December 31, 200 income sumary Retained earnings 941,350 Answer is not complete. Note Disclosure Amount Date February 10, 2020 May 15, 2020 December 01 2020 December 20 2020 December 31 2020 b. Prepare the equity section on the December 31, 2020, balance sheet Answer is complete but not entirely correct. AIM INC Equity Section of Balance Sheet December 31, 2020 Contributed capital Common shares, unlimited shares authorized, 1,583,340 shares in and outstanding 6,254,193 2,061,166 Retained earnings Total equity 8.315 40