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 $ 105,000 $100,000 567,000 342,000 313,500 287,500 The company's net income for the current year ended December 31 was $48,000. 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 Net income End, bal 0 Paid-in Capital in Excess of Par Beg bal 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 0 End bal 0