- = Chapter 1: Problem 3 Proble The Mammal Center pet store is owned by Bon wison and has been a ors the following condensed balance sheet on june 30 20X1 Assets Llabliltles and Owner's Equ ty Cash Accounts recelvable Property, plant, and equipment 25.000 Capital Jon Wi $15.000 Accounts payable oan payable $14,000 9.000 30 $53000Total lablities and owner's equty$3.000 Total assets y reating 2,000 shares o Mr. Wilson decides to incorporate his company on July 1. 20x1. b common stock holding 1.000 shares himself. repre 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 senting his current interest in the store and Step-by-step soluti on