Return to question 7 The following information is from Princeton Company's comparative balance sheets. At December 31 32 oints Common stock, $10 par value Current Year $ 105,000 Paid-in capital in excess of par Retained earnings 567,000 Prior Year $ 100,000 342,000 313,500 287,500 The company's net income for the current year ended December 31 was $48,000. 1. Complete the T-accounts to calculate the cash received from the sale of its common stock during the current year. Answer is not complete. Common Stock, $10 Par Beginning balance 100,000 Issuance of common stock 5,000 Net income 0 Ending balance 105,000 Paid-in Capital in Excess of Par Beginning Balance Issuance of common stock Ending balance 342,000 225,000 567,000 $ Cash received 230,000 2. Complete the T-account to calculate the cash paid for dividends during the current year. Cash received 230,000 2. Complete the T-account to calculate the cash paid for dividends during the current year. Beginning balance Current year dividends Answer is not complete. Retained Earnings Ending balance 0 0