QS 12-15 Computing financing cash flows LO P3 The following 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 Current Prior Year Year $ 111,000 $ 104,000 571,000 344,000 317,500 291,500 The company's net income for the current year ended December 31 was $50,000. 1. Complete the T-accounts to calculate the cash received from the sale of its common stock during the current year. X Answer is not complete. Beg. bal. Common Stock, $10 Par 344,000 X Issuance of common stock 227,000 X End. bal. 571,000 Paid-in Capital in Excess of Par Beg. bal. 7,000 X Retirement of common 227,000 X stock End. bal. 234,000 Cash received $ 234,000 2. Complete the T-account to calculate the cash paid for dividends during the current year.. X Answer is not complete. Retained Earnings Beg. bal. 291,500 X 24,000 Current year dividends Current year net income 50,000 End. bal. 265,500