QS $12-15($Algo$)$ Computing financing cash flows LO P$3$

The following information is from Princeton Company$$s comparative balance sheets.

At December $31$ Current Year Prior Year

Common stock, $$10$ par value $ $124,000$ $ $118,000$

Paid$-$in capital in excess of par $585,000351,000$

Retained earnings $331,500305,500$

The company$$s net income for the current year ended December $31$ was $$57,000.$

Complete the T$-$accounts to calculate the cash received from the sale of its common stock during the current year.