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The following table presents the long-term liabilities and stockholders’ equity of Information Control Corp. from one year ago: Long-term debt $ 45,000,000 Preferred stock 2,900,000 Common stock ($1 par value) 11,000,000 Accumulated retained earnings 107,000,000 Capital surplus 49,000,000 During the past year, the company issued 4.5 million shares of new stock at a total price of $58 million, and issued $30 million in new long-term debt. The company generated $7.5 million in net income and paid $1.7 million in dividends. Construct the current balance sheet reflecting the changes that occurred at the company during the year

The following table presents the long-term liabilities and stockholders’ equity of Information Control Corp. from one year ago: Long-term debt $ 45,000,000 Preferred stock 2,900,000 Common stock ($1 par value) 11,000,000 Accumulated retained earnings 107,000,000 Capital surplus 49,000,000 During the past year, the company issued 4.5 million shares of new stock at a total price of $58 million, and issued $30 million in new long-term debt. The company generated $7.5 million in net income and paid $1.7 million in dividends. Construct the current balance sheet reflecting the changes that occurred at the company during the year

Financial Accounting
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter13: Corporations: Organization, Stock Transactions, And Dividends
Section: Chapter Questions
Problem 3PA: The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the...
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The following table presents the long-term liabilities and stockholders’ equity of Information Control Corp. from one year ago: Long-term debt $ 45,000,000 Preferred stock 2,900,000 Common stock ($1 par value) 11,000,000 Accumulated retained earnings 107,000,000 Capital surplus 49,000,000 During the past year, the company issued 4.5 million shares of new stock at a total price of $58 million, and issued $30 million in new long-term debt. The company generated $7.5 million in net income and paid $1.7 million in dividends. Construct the current balance sheet reflecting the changes that occurred at the company during the year

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