AIM Inc. showed the following equity account balances on the December 31, 2019, balance sheet:

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AIM Inc. showed the following equity account balances on the December 31, 2019, balance sheet: Common shares, unlimited authorized shares, 961,200 shares issued and outstanding Retained earnings $8,746,920 2,365,400 During 2020, the following selected transactions occurred: Feb.10 Repurchased and retired 143,700 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 $7.00, and $5.40, respectively. 20 Distributed the share dividend declared December 1. 31 Closed the credit balance of $985,930 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 not complete. No General Journal Debit Credit 1 Date February 10, 2020 Common shares Retained earnings Cash 2 May 15, 2020 No journal entry required 3 December 01, 202 Retained earnings Common share dividends distributable 4 December 20, 202 Common share dividends distributable Common shares Retained earnings > 5 December 31, 202 Income summary Retained earnings >> Note Disclosure Amount Date February 10, 2020 May 15, 2020 December 01, 2020 December 20, 2020 December 31, 2020 b. Prepare the equity section on the December 31, 2020, balance sheet. Answer is not complete. AIM INC. Equity Section of Balance Sheet December 31, 2020 Contributed capital: Common shares, unlimited shares authorized, 1,798,500 shares issued and outstanding Retained earnings Total equity $ 0