QS 16-9 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 2016 $ 143,000 $134,000 601,000 359,000 347,500 321,500 The company's net income for the year ended December 31, 2017, was $65,000. 1. Complete the T-accounts to calculate the cash received from the sale of its common stock during 2017 56 Sints Answer is complete and correct. Common Stock, $10 Par 134,000 9,000 Issuance of common stock Beg. bal. End, bal 143,000 Beg. bal Paid-in Capital in Excess of Par 359,000 242,000 Issuance of common stock End. bal. 601,000 Cash received $ 251,000 2. Complete the T-account to calculate the cash paid for dividends during 2017, Answer is complete but not entirely correct. Retained Earnings 321,500 32,500 65,000 2017 Net income Beg. bal 2017 dividends End, bal 354,000