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The following selected information is from Princeton Company's comparative balance sheets. At December 31 Common...

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Accounting

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The following selected information is from Princeton Company's comparative balance sheets. At December 31 Common stock, $10 par value Paid-in capital in excess of par Retained earnings 2018 2017 $ 120,000 $ 110,000 577,000 347,000 323,500 297,500 The company's net income for the year ended December 31, 2018, was $53,000. 1. Complete the T-accounts to calculate the cash received from the sale of its common stock during 2018. 2. Complete the T-account to calculate the cash paid for dividends during 2018. Complete the T-account to calculate the cash paid for dividends during 2018. Beg. bal. Retained Earnings 297,500 53,000 2018 dividends 0 x End. bal. 350,500

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