Question - The financial statements for Highland Publications Corporation included the following selected information:
Common stock $1,515,000
Retained earnings $880,000
Net income $1,130,000
Shares issued 101,000
Shares outstanding 73,000
Dividends declared and paid $710,000
The common stock was sold at a price of $27 per share.
What is the amount of capital in excess of par?
What was the amount of retained earnings at the beginning of the year?