QS 16-15 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 $ 120,000 $ 110,000 577,000 347,000 323,500 297,500 The company's net income for the current year ended December 31 was $53,000. 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. End. bal. 0 Paid-in Capital in Excess of Par Beg. bal. End. bal. 0 Cash received