The following table presents the long-term liabilities and stockholders’ equity

Question

The following table presents the long-term liabilities and stockholders’ equity of Information Control Corp. one year ago:

  

  

During the past year, Information Control issued 11.8 million shares of new stock at a total price of $61.6 million, and issued $36.8 million in new long-term debt. The company generated $12.6 million in net income and paid $3.8 million in dividends.

  

Prepare the current balance sheet reflecting the changes that occurred at Information Control Corp. during the year. (Do not round intermediate calculations. Enter your answers in dollars, not millions of dollars, i.e. 1,234,567.)

   

The following table presents the long-term liabilities and stockholders’ equity of Information Control Corp. one year ago:

Explanation / Answer

Working:

Control Corp. Current Balance sheet Balance 1 year ago Current balance Changes Long term debt $ 66,800,000 $ 103,600,000 $ 36,800,000 Increased Total Long term debt $ 66,800,000 $ 103,600,000 $ 36,800,000 Increased Preferred Stock $ 4,180,000 $ 4,180,000 $ 0 Common Stock ($) $ 16,800,000 $ 28,600,000 $ 11,800,000 Increased Accumulated retained earning $ 136,800,000 $ 145,600,000 $ 8,800,000 Increased Capital surplus $ 46,800,000 $ 96,600,000 $    49,800,000 Increased Total equity $ 204,580,000 $ 274,980,000 $    70,400,000 Increased Total liabilty and equity $ 271,380,000 $ 378,580,000 $ 107,200,000 Increased

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