Question: When Jim established CondoCleaners.com the company was incorporated with two common shares with no par value. The shares have a book value of $2.00. The

When Jim established CondoCleaners.com the company was incorporated with two common shares with no par value. The shares have a book value of $2.00. The only other equity on the balance sheet is retained earnings.
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How does the audit of owners’ equity for a closely held company such as CondoCleaners.com differ from that for a publicly held corporation? In what respect are there no significant differences?

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