The following selected information is from Princeton Companys comparative balance sheets. At December 31 2017 2016 Common stock, $10 par value $ 111,000 $ 104,000 Paid-in capital in excess of par 571,000 344,000 Retained earnings 317,500 291,500 The companys net income for the year ended December 31, 2017, was $50,000. 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. End. bal. Paid-in Capital in Excess of Par Beg. bal. End. bal. Cash received 2. Complete the T-account to calculate the cash paid for dividends during 2017 Retained Earnings Beg. bal. End. bal