Question

The following table presents the long-term liabilities and stockholders’ equity of Information Control Corp. one year ago:
Long-term debt ............ $ 65,000,000
Preferred stock ............ 4,000,000
Common stock ($1 par value) ....... 15,000,000
Accumulated retained earnings ..... 135,000,000
Capital surplus ............. 45,000,000
During the past year, Information Control issued 10 million shares of new stock at a total price of $58 million, and issued $35 million in new long-term debt. The company generated $9 million in net income and paid $2 million in dividends. Construct the current balance sheet reflecting the changes that occurred at Information Control Corp. during the year.



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  • CreatedAugust 28, 2014
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