The following information is from Princeton Company's comparative balance sheets. At December 31 Current Year Prior Year Common stock, $10 par value $ 105,000 $ 100,000 Paid-in capital in excess of par 567,089 342,000 Retained earnings 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, 510 Par Beginning balance 100,000 Issuance of common stock 5,000 Ending balance 105,000 Paid-in Capital in Excess of Par Beginning Balance 342,000 Issuance of common stock 225,000 Ending balance 567.000 Paid-in Capital in Excess of Par Beginning Balance 342,000 $ Issuance of common stock 225,000 Ending balance 567,000 Cash received $ 230,000 2. Complete the T-account to calculate the cash paid for dividends during the current year. Answer is not complete. Retained Earnings 287,500 Beginning balance Current year Net income 48,000 Ending balance 335,500