Lu Corporation has the following account balances at December 31, 2012: Common Shares Subscribed ................ $ 250,000

Question:

Lu Corporation has the following account balances at December 31, 2012:
Common Shares Subscribed ................ $ 250,000
Common Shares—No Par Value ............... 310,000
Subscriptions Receivable .................. 80,000
Retained Earnings ..................... 1,340,000
Contributed Surplus ...................... 320,000
Accumulated Other Comprehensive Income ........... 560,000
Prepare the December 31, 2012 shareholders’ equity section of the balance sheet.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may... Par Value
Par value is the face value of a bond. Par value is important for a bond or fixed-income instrument because it determines its maturity value as well as the dollar value of coupon payments. The market price of a bond may be above or below par,...