Answered step by step
Verified Expert Solution
Question
1 Approved Answer
AIM Inc showed the following equity account balances on the December 31, 2019, balance sheet Common shares, unlimited authorized shares, 1,090, 200 shares issued and
AIM Inc showed the following equity account balances on the December 31, 2019, balance sheet Common shares, unlimited authorized shares, 1,090, 200 shares issued and outstanding Retained earnings $7,740, 420 2,332,300 During 2020, the following selected transactions occurred Feb. 10 Repurchased and retired 170,900 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 $5.00 $7.40, and $6.40, respectively 20 Distributed the share dividend declared December 1. 31 Cloned the credit balance of 5960,986 in the Income Summary account. Required: .. 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.) View transaction list Journal entry worksheet
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started