Instructions Specialty Auto Racing Inc. retails racing products for BMWs, Porsches, and Ferraris. The following accounts and their balances appear in the ledger of Specialty Auto Racing on July 31, the end of the current year: $8,755,200.00 342,000.00 2,736,000.00 1 Common Stock, $32 par 2 Paid-In Capital from Sale of Treasury Stock-Common 3 Paid-In Capital in Excess of Par-Common Stock Paid-In Capital in Excess of Par-Preferred Stock s Preferred 1% Stock, $150 par 6 Retained Earnings 7 Treasury Stock-Common 481,500.00 7,222,500.00 74,660,900.00 1,020,800.00 Fifty thousand shares of preferred and 300,000 shares of common stock are authorized. There are 23,200 shares of common stock held as treasury 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. Refer to the lists of Accounts and Amount Descriptions provided for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers use a minus sign Accounts and Amount Descriptions Accounts and Amount Descriptions Common stock, $32 par (300,000 shares authorized, 273,600 shares issued) Common stock dividends Excess of issue price over par From sale of treasury stock Increase in retained earnings Paid-in capital, common stock Paid-in capital, preferred stock Preferred 1% stock, $150 par (50,000 shares authorized, 48,150 shares issued) Preferred stock dividends Retained earnings Total Total contributed capital Total paid-in capital Total stockholders' equity Treasury common stock (23,200 shares at cost) Stockholders' Equity 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. Refer to the lists of Accounts and Amount Descriptions provided for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Specialty Auto Racing Inc. Stockholders' Equity July 31, 20xx 1 Paid-in capital: 2 4 5 6 7 8 9 10 11 12 13