The following table presents the long-term liabilities and stockholders equity of Information Control Corp. one...
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Accounting
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. |
Prepare the current balance sheet reflecting the changes that occurred at Information Control Corp. during the year. |
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