At December 31 Common stock, $10 par value Paid-in capital in excess of par Retained earnings Current Year $ 120,000 577,000 323,500 Prior Year $ 110,000 347,000 297,500 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 Beginning balance Ending balance Paid-in Capital in Excess of Par Beginning balance Ending balance Cash received 2. Complete the T-account to calculate the cash paid for dividends during the current year.. Beginning balance Ending balance Retained Earnings