CI 6 AIM Inc, showed the following equity account balances on the December 31, 2019, balance sheet: Common shares, unlimited authorized shares, 818,000 shares issued and outstanding $5,971,400 Retained earnings 1,973,200 References During 2020, the following selected transactions occurred: Feb. 10 Repurchased and retired 157,208 common shares at $10.90 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 $6.00, and $4.88, respectively. 20 Distributed the share dividend declared December 1. 31 Closed the credit balance of $770,606 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.) View transaction list View journal entry worksheet General Journal Debit Credit No 1 Date February 10, 2020 Common shares Retained earnings Cash 2 May 15, 2020 No journal entry required 3 December 01, 2020 Retained earnings Common share dividends distributable 6 4 December 20, 2020 Common share dividends distributable Common shares Retained earnings December 31, 2020 References 5 Income summary Retained earnings Note Disclosure Amount Date February 10, 2020 May 15, 2020 December 01, 2020 December 20, 2020 December 31, 2020 6 December 31, 2020 References b. Prepare the equity section on the December 31, 2020, balance sheet. AIM INC. Equity Section of Balance Sheet December 31, 2020 Contributed capital Common shares, unlimited shares authorized, 1,453,760 shares issued and outstanding Retained earnings Total equity $ 0