Saved The following information is from Princeton Company's comparative balance sheets. At December 31 Common stock, $10 par value Current Year Prior Year $ 105,000 Paid-in capital in excess of par 567,000 313,500 $ 100,000 342,000 Retained earnings 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. Common Stock, $10 Par Beginning balance Issuance of common stock Ending balance 100.000 5,000 105,000 Paid-in Capital in Excess of Par Beginning Balance Ending balance Cash received Help Save & Exit Submit