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 Shares outstanding Dividends declared and paid $1,600,000 $ 900,000 $1,000,000 90,000 80,000 $ 800,000 The common stock was sold at a price of $30 per share. 2. What was the amount of retained earnings at the beginning of the year? Retained earnings