The Mammal Center pet store is owned by Jon Wilson and has been a sole proprietorship with the following condensed balance sheet  on June 30, 20X1:

Mr. Wilson decides to incorporate his company on July 1, 20X1, by creating 2,000 shares of common stock, holding 1,000 shares himself, representing his current interest in the store, and selling 1,000 shares to the public for cash of $30 per share. Each share has a $1 par value.
Prepare a balance sheet for The Mammal Center immediately after incorporation.

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Assets Liabilitles and Owner's Equity $15,000 13,000 Cash Accounts receivable Property, plant, and equipment 25,000 Capital Jon Wilson Total assets $14,000 9,000 30,000 $53,000 Accounts payable Bank loan payable $53,000 Total liabilities and owner's equity