The following selected information is from the Princeton Company’s comparative QS 12-5 balance sheets.

At December 31 2008 2007 Common stock, $10 par value . . . . . . . $105,000 $100,000 Paid-in capital in excess of par . . . . . . . 567,000 342,000 Retained earnings . . . . . . . . . . . . . . . . . 313,500 287,500 Princeton’s net income for the year ended December 31, 2008, was $48,000.
1 Compute the cash received from the sale of its common stock during 2008.
2 Compute the cash paid for dividends during 2008.AppendixLO1