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Stockholders' Equity Section of Balance Sheet Specialty Auto Racing Inc. retails racing products for BMWs, Porsches, and Ferraris. The following accounts and their balances appear in the Indger of Specialty Auto Racing on July 31, the end of the current year: Common Stock, $10 par $440,000 Paid-In Capital from Sale of Treasury Stock-Common 33,200 Paid-In Capital in Excess of Par-Common Stock 132,000 Paid-In Capital In Excess of Par-Preferred Stock 59,700 Preferred 4% Stock. $50 par 995,000 Retained Earnings 2,025,100 Treasury Stock Common 37,400 Fifty thousand shares of preferred and 200,000 shares of common stock are authorized. There are 3,400 shares of common stock held astrar stock Prepare the Stockholders' Equity section of the balance sheet as of July 31, the end of the current year using Method 1 of Exhibit 9. Specialty Auto Racing Inc. Stockholders' Equity July 21, 20xx Paid-in Capital: Preferred 44 stock, $50 Par (50,000 Shares Authorized, 19,900 Shares Issued) From Sale of Treasury Stock Pald-in capital preferred stock China che ha anche und X Previous Wemainine Prepare the Stockholders' Equity section of the balance sheet as of July 31, the end of the current year using Method 1 of Exhibit 9. Specialty Auto Racing Inc. Stockholders' Equity July 31, 20xx Poid-In Capital Preferred 4% Stock $50 Par (50,000 Shares Authorized, 19,900 Shares Issued) From Sale of Treasury Stock end in canal preferred Blog s Authorized 44,000 Shares Issued Cox Cash bs Authorized 44,000 Shares sued X Excess of Issue Price Over Par Ersfrom Sale of Treasury Stock Pald-in capital, common stock Real Pald-in capital, preferred stock Total Treasury Stock (3,400 Shares at Cost) Total Stockholders' Equity DO DO CO Chon Previous Check My Workmore Check My Works remaining 100M c 18"F 10 e a M July 31, 20xx Pald-In Capital: Preferred 4%. Stock, $50 Par (50,000 Shares Authorized, 19,900 Shares Issued) From Sale of Treasury Stock Paid-in capital, preferred stock Common Stock $10 Par (200,000 Shares Authorized, 44,000 Shares Issued) common stock 310 Par (201.000 Shares Anklrgado Stressed Common Stock $10 Pur (200,000 Shares Authorized, 41,000 shares sound) Excess of issue Price Over Par Repreferred 4 Stock, $50 Par (50,000 Shares Authorized, 19,900 Shares Issued) Retained Earnings Treasury Stock (3,400 shares at Cost) Total Stockholders' Equity no 0000 Chewy Wor Previous Check My Work more Check My Work uses remaining 130 PM 1917 3 18"F 0 Treasury Stock Transactions Sprayco inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On March 9 of the current year, Sprayco reacquired 19,000 shares of its common stock at $26 per share. On June 9. 12,000 of the reacquired shares were sold at $28 per share, and on November 13, 4,600 of the reacquired shares were sold at $29. a. Journalize the transactions of March 9, June 9, and November 13. 1 an amount box does not require an entry, leave it blank. Mar. 9 Treasury Stock Cash 494,000 336.000 312.000 June 9 Cash Treasury Stock Paldin Capital from Sale of Treasury Stock 24.000 X 133.400 119.600 Nov. 13 Cash Treasury Stock Paldin Capital from Sale of Treasury Stock 13.000 The repurchase of shares, known as treasury stock, is typically recorded using the cost method. When the treasury stock is resold, what is the company receiving? What is it giving up? Keep in mind the price paid to buy the treasury stock and the price the shares are resold for at a later date Previous Next Ched: My Work 2 more Check My Work uses remaining Learning Objective 5, Learning Objective 6. b. What is the balance in Paid In Capital from Sale of Treasury Stock on December 31 of the current year? Credit c. What is the balance in Treasury Stock on December 31 of the current year? Credit X d. How will the balance in Treasury Stock be reported on the balance sheet? As a deduction from stockholders' equity Feedback Check My Work By Consider what entries might have affected the value of the Treasury Stock account. Review the presentation of stockholder's equity and treasury stock on the balance sheet. Learning Objective 5, Learning Objective 6. Feedback Check My Wor