AIM Inc. showed the following equity account balances on the December 31, 2019, balance sheet: Common shares, unlimited authorized shares, 697,600 shares issued and outstanding Retained earnings $6,208,640 2,321,700 During 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 market prices 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.
AIM Inc. showed the following equity account balances on the December 31, 2019, balance sheet: Common shares, unlimited authorized shares, 697,600 shares issued and outstanding Retained earnings $6,208,640 2,321,700 During 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 market prices 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
T1.
Transcribed Image Text:Date
February 10, 2020
May 15, 2020
December 01, 2020
December 20, 2020
December 31, 2020
X Answer is not complete.
Note Disclosure
Note disclosure not required
Note disclosure required
Note disclosure not required
Note disclosure not required
Note disclosure not required
Amount
Transcribed Image Text:AIM Inc. showed the following equity account balances on the December 31, 2019, balance sheet:
Common shares, unlimited authorized shares, 697,600 shares
issued and outstanding
Retained earnings
$6,208,640
2,321,700
During 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 market
prices of the shares on December 1, December 10, and December 20 were $6.00 $6.60, and $6.60, respectively.
Distributed the share dividend declared December 1.
20
31 Closed the credit balance of $946,200 in the Income Summary account.
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