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  3. the following table presents the long-term liabili

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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