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 .....................................
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.
Step by Step Solution
3.15 Rating (181 Votes )
There are 3 Steps involved in it
The longterm debt account will increase by 35 million the amount of the new longterm deb... View full answer
Get step-by-step solutions from verified subject matter experts
Document Format (1 attachment)
324-B-C-F-F-S (489).docx
120 KBs Word File
