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AIM Inc. showed the following equity account balances on the December 31, 2019, balance sheet: Common shares, unlimited authorized shares, 927, 100 shares issued and
AIM Inc. showed the following equity account balances on the December 31, 2019, balance sheet: Common shares, unlimited authorized shares, 927, 100 shares issued and outstanding $6,953, 250 Retained earnings 2,066,200 During 2020, the following selected transactions occurred: Feb. 10 Repurchased and retired 161,000 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 $6.30, and $4.70, respectively. 20 Distributed the share dividend declared December 1. 31 Closed the credit balance of $933,645 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.) Journal entry worksheet
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