The following selected information is from Princeton Company's comparative balance sheets. At December 31 2016 Common stock, $10 par value Paid-in capital in excess of par Retained earnings $105,000 $100,000 567,000342,000 313, 500 287,500 The company's net income for the year ended December 31, 2017, was $48,000. 1. Complete the T-accounts to calculate the cash received from the sale of its common stock during 2017 Common Stock, $10 Par Beg. bal. Issuance of common stock 100,000 5,000 105,000 End. bal Paid-in Capital in Excess of Par 287,500 48,000 335,500 671,000 Beg. ba et income idends End. bal Cash received S 230,000 2. Complete the T-account to calculate the cash paid for dividends during 2017, Retained Earnings Beg. bal 2017 Net income Cash End. bal 287.500 48,000 335,500 671,000