JumpinJehosaPhats is a small business owned by JJ Phats asthe sole proprietor. J

JumpinJehosaPhats is a small business owned by JJ Phats asthe sole proprietor. JJphats is incorporating thebusiness.On January 1 2012 JumpinJehosaPhats Inc. has been authorizedto issue 1000000 common shares with a Par Value of $1. In theprocess of incorporating the sole proprietor owners equityaccounts must be closed and the equity must now reflect a corporatestockholders equity account.The books for the Sole Proprietorship indicate thefollowing:JJ Phats deposited $35000 to startJumpinJehosaPhatsJJ Phats contributed $50000 of equipment to startJumpinJehosaPhatsRetained Earnings December 31 2011 = $150000Prepare the Stockholders Equity Portion of the Balance Sheeton January 1 2012