Answer:
Princeton Company
The T-accounts are attached.
Explanation:
They can also be obtained as follows:
1. T-accounts to calculate the Cash received from the sale of its common stock during 2017:
Common Stock & APIC
Closing balance of common stock = $131,000
Closing balance of APIC = $593,000
less Opening balance of common stock = $126,000
less Opening balance of APIC = $355,000
Cash collected = $243,000
2. T-account to calculate the cash paid for dividends during 2017:
Retained Earnings:
Opening balance = $313,500
Add net income = $61,000
Less closing balance = $339,500
Cash Dividends paid = $35,000
