The following information is from ABC Company's comparative balance sheets. At December 31 Common stock, $10 par value Paid-in capital in excess of par Retained earnings Current Prior Year Year $ 127,000 $120,000 587,000 352,000 333,500 307,500 The company's net income for the current year ended December 31 was $58,000 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 Beg bal Net income End, bal Pald-in Capital in Excess of Par Beg. bal Dividends Issuance of common stock Net income Purchase of treasury stock Retirement of common stock Common Stock, $10 Par Beg. bal. Net income End. bal. Paid-in Capital in Excess of Par Beg, bal End, bal 0 Cash received 2. Complete the T-account to calculate the cash paid for dividends during the current year.. Retained Earnings Beg. bal. End. bal 0