AIM Inc. showed the following equity account balances on the December 31,2019 , balance sheet: During 2020 , the following selected transactions occurred: Feb.10 Repurchased and retired 157,900 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$6.60, and $6.60, respectively. 20 Distributed the share dividend declared December 1. 31 Closed the credit balance of $946,200 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. b. Prepare the equity section on the December 31,2020 , balance sheet