The following table presents the long-term liabilities and stockholders’ equity of Information Control Corp of one year ago.
|
Long-term debt |
$50,000,000 |
|
Preferred stock |
30,000,000 |
|
Common stock |
100,000,000 |
|
Retained earnings |
20,000,000 |
During the past year, Information Control issued $10 million of new common stock. The firm generated $5 million of net income and paid $3 million of dividends. Construct today’s balance sheet reflecting the changes that occurred at Information Control Corp. during the year. The Income Statement