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AIM Inc. showed the following equity account balances on the December 3 1 , 2 0 2 2 , balance sheet: Common shares, unlimited authorized
AIM Inc. showed the following equity account balances on the December balance sheet:
Common shares, unlimited authorized shares, shares issued and outstanding $
Retained earnings
During the following selected transactions occurred:
Feb. Repurchased and retired common shares at $ per share; this is the first retirement recorded by AIM.
May Declared a : share split to shareholders of record on June distributable June
Dec. Declared a share dividend to shareholders of record on December distributable December The market prices of the shares on December December and December were $ $ and $ respectively.
Distributed the share dividend declared December
Closed the credit balance of $ 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 transactionevent select No journal entry required" in the first account field.
b Prepare the equity section on the December balance sheet.
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