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 $60,000,000 Preferred stock 18,000,000 Common stock ($1 par value) 25,000,000 Capital surplus 49,000,000 Accumulated retained earnings 89,000,000 During the past year, Information Control issued 10 million shares of new stock at a total price of $26 million, and issued $8 million in new long-term debt. The company generated $7 million in net income and paid $4 million in dividends. Construct the current balance sheet reflecting the changes that occurred at Information Control Corp. during the year. LO.1