AIM Inc. showed the following equity account balances on the December 31, 2019, balance sheet: Common shares, unlimited authorized shares, 818,000 shares issued and outstanding Retained earnings $5,971,400 1,973,200 During 2020, the following selected transactions occurred: Feb. 10 Repurchased and retired 157,200 common shares at $10.00 per share; this is the first retirement recorded by AIM. distributable June May 15 Declared a 2:1 share split to shareholders of record on June 1, 15. Dec. 1 Declared a 10% share dividend to shareholders of record on December 10, December distributable December 20. The market prices of the shares on December 1, 10, and December 20 were $6.00 $6.00, and $4.80, respectively. 20 Distributed the share dividend declared December 1. 31 closed the credit balance of $770,006 in the Income Summary account. b. Prepare the equity section on the December 31, 2020, balance sheet. X Answer is complete but not entirely correct. AIM INC. Equity Section of Balance Sheet December 31, 2020 Contributed capital: Common shares, unlimited shares authorized, 1,453,760 shares issued and outstanding $ 1,525,806 5,616,800 Retained earnings Total equity $ 7,142,606