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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.

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