27 Required information [The following information applies to the questions displayed below.) The financial statements for Highland Corporation included the following selected information: Common stock Retained earnings Net income: Shares issued $ 960,000 $850,000 $ 1,120,000 96,000 ces Shares outstanding Dividends declared and paid 78,000 $780,000 The common stock was sold at a price of $35 per share. 2. What was the amount of retained earnings at the beginning of the year? Retained earnings