Specialty Auto Racing Inc. retails racing products for BMWs, Porsches, and Ferraris, The following accounts and their balances appear in the edge of Specialty Auto Racing on July 31, the end of the current year: Common Stock, SD par $320,000 Pold-In Capital from Sale of Treasury Stock Common 24,100 Pald-In Capital in Excess of Par Common Stock 96,000 Pald-in Capital in Excess of Par Preferred Stock 62,700 Preferred 4% Stock, $50 par 1,045,000 Retained Earnings 1.888,300 Treasury Stock-Common 39,600 Fifty thousand shares of preferred and 200,000 shares of common stock are authorized. There are 3,600 shares of common stock held as tre stock Prepare the Stockholders' Equity section of the balance sheet as of July 31, the end of the current year using Method of Exhibit 9. Specialty Auto Racing Inc Stockholders' Equity July 31, 20xx Paid-In Capital: Preferred 4% Stock, S50 Par (50,000 Shares Authorized, 20,900 Shares Issued) 320,000 X Excess of Issue Price Over Par 96,000 Paid-in capital, preferred stock 416,000 X Common stock, $10 Par (200,000 Shares Authorized, 32,000 Shares Issued) Excess of Issue Price Over Par