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Journalize transaction assuming retirement record by AIM Inc

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Reference no: EM132488779

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

Common shares, unlimited authorized shares, 861,000 shares issued and outstanding $7,404,600

Retained earnings 2,144,800

During 2020, the following selected transactions occurred:

  1. Feb.10 Repurchased and retired 163,800 common shares at $10.00 per share; this is the first retirement recorded by AIM.
  2. May15 Declared a 2:1 share split to shareholders of record on June 1, distributable June 15.
  3. 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 $6.70, and $5.00, respectively.
  4. 20 Distributed the share dividend declared December 1.
  5. 31 Closed the credit balance of $777,784 in the Income Summary account.

Required:

Question 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.

Reference no: EM132488779

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