The following table presents the long$-$term liabilities and stockholders' equity of Information Control Corporation one year ago: The following table presents the long$-$term liabilities and stockholders' equity of Information Control Corporation one year ago:

During the past year, the company issued $12$ million shares of new stock at a total price of $$62$ million, and issued $$37$ million in new

long$-$term debt. The company generated $$13$ million in net income and paid $$4$ million in dividends.

Prepare the current balance sheet reflecting the changes that occurred on the company's balance sheet during the year.

Note: Do not round intermediate calculations and enter your answers in dollars, not millions of dollars, e$.$g$.,1,234,567.$ Explanation

Note: Intermediate answers are shown below as rounded, but the full answer was used to complete the calculation.

The long$-$term debt account will increase by $$37$ million, the amount of the new long$-$term debt issue. Since the company sold $12$ million new shares of

stock with a $$1$ par value, the common stock account will increase by $$12$ million. The capital surplus account will increase by $$50$ million, the value of

the new stock sold above its par value. Since the company had a net income of $$13$ million, and paid $$4$ million in dividends, the addition to retained

earnings was $$9$ million, which will increase the accumulated retained earnings account. So$,$ the new long$-$term debt and stockholders' equity portion

of the balance sheet will be:

During the past year, the company issued $11\mathrm{.}4$ million shares of new stock at a total price of $$60\mathrm{.}8$ million, and issued $$36\mathrm{.}4$ million in

new long$-$term debt. The company generated $$11\mathrm{.}8$ million in net income and paid $$3\mathrm{.}4$ million in dividends.

Prepare the current balance sheet reflecting the changes that occurred on the company's balance sheet during the year.

Note: Do not round intermediate calculations and enter your answers in dollars, not millions of dollars, e$.$g$.,1,234,567.$

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I've attached an example of the answer and solution, but the question I was given is the same with different numbers, please complete the calculation and provide the answers, thanks!

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