Answer Happy

The following information is from Princeton Company's comparative balance sheets. Current Prior Year Year $130,000 $ 122,000 353,000 309,500 At December 311 Common stock, $10 par value. Paid-in capital in excess of par Retained earnings The company's net income for the current year ended December 31 was $59,000. 1. Complete the T-accounts to calculate the cash received from the sale of its common stock during the current year. Beg, bal End. bal. Beg. bal. End. bal.. Common Stock, $10 Par Cash received 0 Paid-in Capital in Excess of Par 589,000 335,500 0
2. Complete the T-account to calculate the cash paid for dividends during the current year... Retained Earnings Beg. bal. End. bal.