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 ............................... $ 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.

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...