AIM Inc. showed the following equity account balances on the December 31, 2019, balance sheet: Common shares, unlimited authorized shares, 883,400 shares issued and outstanding $7,597,240 Retained earnings 1,992,900 During 2020, the following selected transactions occurred: Feb. 10 Repurchased and retired 146,208 common shares at $10.00 per share; this is the first retirement recorded by AIM. 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 $6.50, and $4.80, respectively. 20 Distributed the share dividend declared December 1. 31 Closed the credit balance of $839,307 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.) Date Note Disclosure Amount February 10, 2020 May 15, 2020 Record the retirement of shares. December 01, 2020 December 20, 2020 Record the declaration by the directors of a 2:1 share December 31, 2020 split effective on this date. 1 2 3 Record the declaration of 10% share dividend. 4 Record to distribute share dividend declared December 1. 5 Record the closure of the Income Summary account. b. Prepare the equity section on the December 31, 2020, balance sheet. AIM INC. Equity Section of Balance Sheet December 31, 2020 Contributed capital: Total equity $ 0