Construct the current balance sheet reflecting the changes

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Reference no: EM13275140

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 $35,000,000 Preferred Stock $4,000,000 Common Stock $11,000,000 Capital Surplus $26,000,000 Accumulated Retained Earnings $75,000,000 During the past year, information control issued 8 million shares of new stock at a total price of $29 million, and issued $6 million in new long-term debt. The company generated $7 million in net income and paid $2.5 million in dividends. Construct the current balance sheet reflecting the changes that occurred at information control corp. during the year. I truly am confused about this problem. Can somebody break it down so I can understand what to do for next time?

Reference no: EM13275140

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