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................................$29,600,000
Preferred stock....................................1,680,000
Common stock ($1 par value)...........7,120,000
Capital surplus...................................32,800,000
Accumulated retained earnings.......60,200,000
During the past year, the company issued 3.2 million shares of new stock at a total price of $20.8 million, and issued $7.6 million in new long-term debt. The company generated $12.24 million in net income and paid $2.48 million in dividends. Construct the current balance sheet reflecting the changes that occurred on the company’s balance sheet during the year.
Step by Step Answer:
Corporate Finance Core Principles And Applications
ISBN: 9781260571127
6th Edition
Authors: Stephen Ross, Randolph Westerfield, Jeffrey Jaffe, Bradford Jordan