The following table presents the long-term liabilities and stockholders equity of Information Control Corp. one year ago:

Question:

The following table presents the long-term liabilities and stockholders’ equity of Information Control Corp. one year ago:

Long-term debt..........................................................$37,000,000
Preferred stock...............................................................2,100,000
Common stock ($1 par value).......................................8,900,000
Capital surplus..............................................................41,000,000
Accumulated retained earnings..................................75,300,000

During the past year, the company issued 4 million shares of new stock at a total price of $26 million, and issued $9.5 million in new long-term debt. The company generated $15.3 million in net income and paid $3.1 million in dividends. Construct the current balance sheet reflecting the changes that occurred on the company’s balance sheet 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...