Answer:
cash received from issuance234,000
cash used for dividends 24,000
Explanation:
Common stock           111,000    104,000
Paid -in excess of par 571,000 344,000
RE                                317,500   291,500
Common Stock   Paid-in Excess        RetainedEarnings         Cash
<u>Debit     Credit</u>   <u>Debit     Credit </u>     <u>Debit     Credit</u>    <u>Debit   Credit</u>
          104,000              344,000                291,500                7,000                                       227,000                              234,000
Balance111,000 Balance: 571,000              50,000
                                                        24,000                          24,000
                                                    Balance:  317,500
Beginning Earnings + Income - Dividends = Ending
Dividends= Beginning + Income - Ending
Dividends= 291,500 + 50,000 - 317,500 = 24,000