Building a Balance Sheet the following table presents the long-term liabilities and stockholders' equity of Information Control

Question:

Building a Balance Sheet the following table presents the long-term liabilities and stockholders' equity of Information Control Corp. one year ago:

Long-term debt .............. $72,000,000

Preferred stock ............... 9,000,000

Common stock ($ I par value) ......... 20,000,000

Accumulated retained earnings ........ 97,000,000

Capital Surplus ............. 43,000,000

During the past year, Information Control issued 10 million shares of new stock at a total price of $43 million, and issued $10 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.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...