QS 12-9 Computing financing cash flows LO P3

The following selected information is from Princeton Companys comparative balance sheets.

At December 31	2017		2016
Common stock, $10 par value	$	124,000	$	118,000
Paid-in capital in excess of par		585,000		351,000
Retained earnings		331,500		305,500

The companys net income for the year ended December 31, 2017, was $57,000. 1. Complete the T-accounts to calculate the cash received from the sale of its common stock during 2017.

2. Complete the T-account to calculate the cash paid for dividends during 2017.