Question 1 (7 points) Towson Corp., was organized on January 2, 2018. During the first year of operation, Towson issued 60,000 shares of $6 par value common stock at a price of $40 cash per share. On December 31, 2018, Towson reported Net Income of $250,000 and paid $50,000 cash dividends. Use this information to determine the dollar amounts that Towson will report on its year end Balance Sheet for Paid in Capital Common Stock in Excess to par