Question: Please answe asap, and only answer if you know the correct answer, if the answer is irrelevant to the question or you copy the answer







AlM Inc. showed the following equity account bolances on the December 31, 2022, bolance sheet: During 2023, the following selected transoctions occurred: Feb. 10 Repurchased and netired 157,900 common shares at $10.00 per share: this is the first retirement recorded by ALM. May 15 Deelered o 21 share split to shereholders of recerd on June 1, distributeble June 15 . Dec. 1 Declored a 10% shere dividend to sharehelders of record on December 10 , distribundble December 20 . The merket prices af the shares on December 1, December 10 , and December 20 were $6.00$6.60, and $6.60, respectively. 20 Distributed the shere dividend deciored December 1. 31 Closed the credit balance of $946.200 in the Ineome Summary account. Required: 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet 3 4 Note: Enter debits before credits. Journal entry worksheet 5 Record the declaration by the directors of a 2:1 share split effective on this date. Note: Enter debits before credits. Journal entry worksheet Record the declaration of 10% share dividend. Note: Enter debits before credits. Journal entry worksheet Record to distribute share dividend declared December 1. Note: Enter debits before credits. Journal entry worksheet 1 Record the closure of the Income Summary account. Note: Enter debits before credits. \begin{tabular}{|c|c|c|} \hline Date & Note Disclosure & Amount \\ \hline February 10,2023 & & \\ \hline May 15, 2023 & & \\ \hline December 01,2023 & & \\ \hline December 20,2023 & & \\ \hline December 31, 2023 & & \\ \hline \end{tabular} b. Prepare the equity section on the December 31,2023 , balance sheet
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
