Question

The following table presents the long-term liabilities and stockholders' equity of Information Control Corp. one year ago:
Long-term debt ................. $35,000,000
Preferred stock ................... 4,000,000
Common stock ($1 par value) ............ 11,000,000
Capital surplus .................. 26,000,000
Accumulated retained earnings ........... 75,000,000
During the past year, Information Control issued 8 million shares of new stock at a total price of $29 million, and issued $6 million in new long-term debt. The company generated $7 million in net income and paid $2.5 million in dividends. Construct the current balance sheet reflecting the changes that occurred at Information Control Corp. during the year.


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  • CreatedOctober 01, 2015
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