I do not understand this problem.

The following selected information is from Princeton Company's comparative balance sheets. At December 31 Common stock, $10 par value Paid-in capital in excess of par Retained earnings 2017 2016 $ 105,000 $100,000 567,000 342,000 313,500 287,500 The company's net income for the year ended December 31, 2017, was $48,000. 1. Complete the T-accounts to calculate the cash received from the sale of its common stock during 2017. Common Stock, $10 Par Beg. bal. End. bal Paid-in Capital in Excess of Par Beg. bal. End. bal. Cash received