AIM Inc. showed the following equity account balances on the December 31, 2019, balance sheet: Common shares, unlimited authorized shares, 697,600 shares issued and outstanding $6,208,640 Retained earnings 2,321,700 During 2020, the following selected transactions occurred: Feb.10 Repurchased and retired 157,900 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 $6.00 $6.60, and $6.60, respectively. 20 Distributed the share dividend declared December 1. 31 Closed the credit balance of $946,200 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.) No Credit Answer is complete but not entirely correct. Date General Journal Debit February 10, 2020 Common shares 1,405,310 Retained earnings 173,690 Cash 1 1,579,000 2 May 15, 2020 No journal entry required 3 3 > 480,333 December 01, 202 Retained earnings Common share dividends distributable 480,333 4 480,333 December 20, 202 Common share dividends distributable Common shares 480,333 X 5 946,200 December 31, 202 Income summary Retained earnings > 946,200 Amount Date February 10, 2020 May 15, 2020 December 01, 2020 December 20, 2020 December 31, 2020 Answer is not complete. Note Disclosure Note disclosure not required Note disclosure required Note disclosure not required Note disclosure not required Note disclosure not required b. Prepare the equity section on the December 31, 2020, balance sheet. Answer is complete but not entirely correct. AIM INC. Equity Section of Balance Sheet December 31, 2020 Contributed capital: Common shares, unlimited shares authorized, 1,187,340 shares issued and outstanding Retained earnings S 5,283,663 2,613,877 % Total equity S 7,897,540