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, 375,000 shares issued) |
$ 7,500,000 |
| Paid-In Capital in Excess of Stated Value-Common Stock |
825,000 |
| Retained Earnings |
33,600,000 |
| Treasury Stock (25,000 shares, at cost) |
450,000 |