The Verbrugge Publishing Company’s 2019 balance sheet and income
statement are as follows (in millions of dollars):
Balance Sheet
Current assets Net fixed assets
Total assets
Income Statement
Net sales Operating expense
$300 200
$500
Current liabilities
Advance payments by customers
Noncallable preferred stock, $6 coupon, $110 par value
(1,000,000 shares)
Callable preferred stock, $10 coupon, no par,
$100 call price (200,000 shares)
Common stock, $2 par value (5,000,000 shares)
Retained earnings Total liabilities & equity
$ 40 80 110...