fffffffAIM Inc. showed the following equity account balances on the December balance sheet:
Common shares, unlimited authorized shares, shares issued and outstanding $
Retained earnings
During the following selected transactions occurred:
Feb. Repurchased and retired common shares at $ per share; this is the first retirement recorded by AIM.
May Declared a : share split to shareholders of record on June distributable June
Dec. Declared a share dividend to shareholders of record on December distributable December The market prices of the shares on December December and December were $ $ and $ respectively.
Distributed the share dividend declared December
Closed the credit balance of $ in the Income Summary account.
required: record the retirement of shares, note all disclosures, and prepare the equity secion on the balance sheet
