Question : Please show work if possible my goal to learn how
Please show work if possible is my goal is to learn how to do the problem, not just copy an answer.
7. 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 55,000,000 Preferred stock 3,100,000 Common stock ($I ar value 12,000,000 Accumulated retained earnings I 19,000,000 56,000,000 Capital surplus 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.