Question

The financial statements for Highland Corporation included the following selected information: Common stock $ 1,600,000 Retained earnings $ 900,000 Net income $ 1,000,000 Shares issued 90,000 Shares outstanding 80,000 Dividends declared and paid $ 800,000 The common stock was sold at a price of $30 per share. What is the amount o f additional paid-in capital?

What was the amount of retained earnings at the beginning of the year?

How many shares are in treasury stock?

Answer 1

Answer:

Please see attachment .

Explanation:

Please see attachment .

Answer 2

The amount of retained earnings at the beginning of the year is $700,000 and numbers of  shares that are in treasury stock is 10,000 shares.

Retained earnings

a. Beginning Retained earnings:

Beginning Retained earnings=Endingn retained earnings-Net income+Dividends

Beginning Retained earnings=$900,000-$1,000,000+$800,000

Beginning Retained earnings=$700,000

b. Number of shares:

Treasury stock=Issued shares-Outstanding shares

Treasury stock=90,000-80,000

Treasury stock=10,000 shares

Inconclusion the amount of retained earnings at the beginning of the year is $700,000 and numbers of  shares that are in treasury stock is 10,000 shares.

Learn more about Retained earnings here:https://brainly.com/question/25631040