QS 12-15 Computing financing cash flows LO P3 The following information is from Princeton Company's comparative balance sheets. Current Prior At December 31 Year Year Common stock, $10 par value $ 117,000 $108,000 Paid-in capital in excess of par 575,000 346,000 Retained earnings 321,500 295,500 The company's net income for the current year ended December 31 was $52,000. 1. Complete the T-accounts to calculate the cash received from the sale of its common stock during the current year. Common Stock, $10 Par Beg, bal Dividends End, bal 0 Paid-in Capital in Excess of Par Beg bal End, bal 0 End, bal 0 Cash received 2. Complete the T-account to calculate the cash paid for dividends during the current year.. Retained Earnings Beg, bal. 346,000 229,000 End, bal 575,000