Hh.81. No12345DateFebruary 10, 2020 Retained earningsCommon sharesCashMay 15, 2020Answer is complete but not entirely correct.December 01, 202 Retained earningsNo journal entry requiredCommon share dividends distributableDecember 20, 202 Common share dividends distributableRetained earningsTotal equityGeneral JournalCommon sharesDecember 31, 202 Income summaryRetained earningsb. Prepare the equity section on the December 31, 2020, balance sheet.AIM INC.Equity Section of Balance SheetDecember 31, 2020Contributed capital:Common shares, unlimited shares authorized, 1,187,340 shares issued and outstanding✓✓✓✓> Answer is complete but not entirely correct.✓Debit1,405,310 x173,690 X480,333 x480,333946,200IS5,283,663✓2,613,8777,897,540Credit1,579,000✔✔480,333 x480,333 x946,200 AIM Inc. showed the following equity account balances on the December 31, 2019, balance sheet:Common shares, unlimited authorized shares, 697,600 sharesissued and outstandingRetained earnings$6,208,6402,321,700During 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 marketprices 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 ashare dividends account. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Journal Entry is the primary step to record the transaction in the books of accounts. The increase…

Answered: AIM Inc. showed the following equity…

Cornerstones of Financial Accounting

4th Edition

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Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter12: Fainancial Statement Analysis

Section: Chapter Questions

Problem 99.4C

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