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 Inc. on July 31, the end of the current year: 1 Common Stock, $32 par $8,755,200.00 2 Paid-In Capital from Sale of Treasury Stock-Common 342,000.00 2,736,000.00 3 Paid-In Capital in Excess of Par-Common Stock 4 Paid-In Capital in Excess of Par-Preferred Stock 481,500.00 5 Preferred 1% Stock, $150 par 7,222,500.00 6 Retained Earnings 74,660,900.00 7 Treasury Stock-Common 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 8. Refer to the lists of Accounts and Amount Descriptions provided for the exact wording of the answer choices for text entries. Stockholders' Equity Shaded cells have feedback. X Prepare the Stockholders' Equity section of the balance sheet as of July 31, the end of the current year using Method 1 of Exhibit 8. Refer to the lists of Accounts and Amount Descriptions provided for the exact wording of the answer choices for text entries. Specialty Auto Racing Inc. Score: 74/122 Stockholders' Equity July 31, 20XX Paid-in capital: 2 Preferred 1% stock, $150 par (50,000 shares authorized, 48,150 shares issued) 3 Excess over par 4 Paid-in capital, preferred stock 5 Common stock, $32 par (300,000 shares authorized, 273,600 shares issued) Excess over par 7 Paid-in capital, common stock 8 From sale of treasury stock 9 Total paid-in capital 10 Retained earnings 11 Total 12 Treasury stock 13 Total stockholders' equity