Problem
Morrow Enterprises Inc. manufactures bathroom fixtures. The stockholders' equity accounts of Morrow Enterprises Inc., with balances on January 1, 2016, are as follows:
Common stock, $20 stated value; 500,000 shares authorized, 352,000 issued $7,040,000
Paid-In Capital in Excess of Stated Value-Common Stock 774,400
Retained Earnings 32,153,000
Treasury Stock (25,200 shares, at cost) 478,800
Prepare the Stockholders' Equity section of the December 31, 2016 balance sheet. "Less" or "Deduct" will automatically appear if it is required. Refer to the list of Amount Descriptions provided for the exact wording of the answer choices for text entries.