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

Question:

Long-term debt........................................ $ 55,000,000

Preferred stock .............................................3,100,000

Common stock ($1 par value) ..........................12,000,000

Accumulated retained earnings .......................119,000,000

Capital surplus ............................................56,000,000

During the past year, the company issued 5 million shares of new stock at a total price of $63 million, and issued $30 million in new long-term debt. The company generated $8 million in net income and paid $1.8 million in dividends. Construct the current balance sheet reflecting the changes that occurred at the company 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...