Refer to the screenshot below and total equity in the Equity Section of the Balance Sheet should be$7,206,000

AIM Inc. showed the following equity account balances on the December 31, 2019, balance sheet: Common shares, unlimited shares authorized 640,000 shares issued and outstanding ____________________________________ $5,760,000 Retained earnings _____________________________________________________________________________ 2,130,000 During 2020, the following selected transactions occurred: 10 Repurchased and retired 168,000 common shares at $10.00 per share; this is the first retirement recorded by AIM. 15 Declared a 2:1 share split to shareholders of record on June 1, distributable June 15. Declare a 10% share dividend to shareholders of record on December 10, distributable Dec 20. The market prices of the shares on Decemberl, December 10 and December 20 were $7.00, $6.76, and $6.90, respectively. Distributed the share dividend declared Decemberl. Closed the credit balance of $996,000 in the Income Summary. Required 1. Journalize the transactions above (assuming the retirements were the first ever recorded by AIM Inc.). 2. Prepare the equity section on the December 31, 2020 balance sheet