Required information The following information applies to the questions displayed below) Brooks Company purchases debt investments as trading securities at a cost of $66,000 on December 27. This is its first and only purchase of such securities At December 31, these securities had a fair value of $72.000 Brooks sells a portion of its trading securities (costing $3,000) for $4.000 cash. Analyze each transaction above by showing its effects on the accounting equation-specifically, identify the accounts and amounts (including + or --) for each transaction Liabilities Assets 1 The following information is from Princeton Company's comparative balance sheets. At December 31 Current Year Prior Year Common stock, $10 par value $ 114,000 $ 106,000 Paid in capital in excess of par 573,000 345,000 Retained earnings 319,5ee 293,500 The company's net income for the current year ended December 31 was $51,000 1. Complete the T-accounts to calculate the cash received from the sale of its common stock during the current year. Common Stock, 510 Par Beginning balance Issuance of common stock 106,000 8,000 Ending balance 114,000 Paid-in Capital in Excess of Par Beginning balance 345,000 228,000 Ending balance 573,000 Ending balance 573,000 Cash received $ 236,000 2. Complete the T-account to calculate the cash paid for dividends during the current year. Retained Earnings Beginning balance Current year net income Current year dividends 293,500 51,000 (25.000) 319,500 Ending balance