Southern Corporation's adjusted trial balance contained the following accounts at December 31, 2017: Retained Earnings $120,000; Common

Question:

Southern Corporation's adjusted trial balance contained the following accounts at December 31, 2017: Retained Earnings $120,000; Common Shares $700,000; Bonds Payable $100,000; Contributed Surplus $200,000; Preferred Shares $50,000; $55,000; and Accumulated Other Comprehensive Income (Loss) ($150,000). Prepare the shareholders' equity section of the statement of financial position.
Goodwill
Goodwill is an important concept and terminology in accounting which means good reputation. The word goodwill is used at various places in accounting but it is recognized only at the time of a business combination. There are generally two types of...