5. The stockholders' equity section of King Corporation's balance sheet as of December 31, 2020, was stated as follows: $ 900,000 Common stock, par value $20; authorized 75,000 shares; issued and outstanding 45,000 shares Paid-in capital in excess of par Retained earnings 350,000 500,000 $1,750,000 During 2021, King had the following transactions relating to treasury stock: 3,000 shares were reacquired at $28 per share. 1,800 shares of treasury stock were sold at $30 per share. King accounts for treasury stock under the cost method. For the year ended December 31, 2021, King reported net income of $450,000. What amount should King Corporation report as total stockholders' equity on its balance sheet as of December 31, 2021? Show your calculations to receive credit