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Prepare a balance sheet for the new corporation

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Reference no: EM131822224

Question: Sole Proprietorship and Corporation Makaw Company is a sole proprietorship with the following simplified balance sheet:

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Tom Makaw decided to incorporate his company on May 31, 20X1, by selling 5,000 shares of stock for $10 each and keeping 10,000 shares for himself. Prepare a balance sheet for the new corporation.

Reference no: EM131822224

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