AlM Inc. showed the following equity account balances on the December 31, 2019, balance
sheet: During 2020, the following selected transactions occurred: Feb.10 Repurchased and
retired 143,700 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$6.90 , and $6.40 , respectively. 20 Distributed the share dividend declared December
1. 31 Closed the credit balance of $955 , 662 in the Income Summary account. Required: a.
Journalize the transactions above (assuming the retirements were the first ever recorded by AlM
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.) Journal entry
worksheet 45 Record the retirement of shares. Note: Enter debits before credits. b. Prepare the
equity section on the December 31,2020 , balance sheet..
AlM Inc- showed the following equity account balances on the December.pdf
1. AlM Inc. showed the following equity account balances on the December 31, 2019, balance
sheet: During 2020, the following selected transactions occurred: Feb.10 Repurchased and
retired 143,700 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$6.90 , and $6.40 , respectively. 20 Distributed the share dividend declared December
1. 31 Closed the credit balance of $955 , 662 in the Income Summary account. Required: a.
Journalize the transactions above (assuming the retirements were the first ever recorded by AlM
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.) Journal entry
worksheet 45 Record the retirement of shares. Note: Enter debits before credits. b. Prepare the
equity section on the December 31,2020 , balance sheet.
