QS 12-9 Computing financing cash flows LO P3 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 $ 121,000 583,000 329,500 2016 $116.000 350,000 303,500 The company's net income for the year ended December 31, 2017, was $56,000. 1. Complete the T-accounts to calculate the cash received from the sale of its common stock during 2017 Beg bal. Common Stock, $10 Par | 116,000 5,000 5,000 fissuance of common stock End. bal. 116,000 Beg bal Paid in Capital in Excess of Par 350,000 233.000 Issuance of common stock 5.0991 588.000 End, bal Cash received $ 238,000