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, $36 par	$10,080,000.00
2	Paid-In Capital from Sale of Treasury Stock-Common	340,000.00
3	Paid-In Capital in Excess of Par-Common Stock	420,000.00
4	Paid-In Capital in Excess of Par-Preferred Stock	384,000.00
5	Preferred 1% Stock, $150 par	7,200,000.00
6	Retained Earnings	71,684,000.00
7	Treasury Stock-Common	1,008,000.00

Fifty thousand shares of preferred and 300,000 shares of common stock are authorized. There are 24,000 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. For those boxes in which you must enter subtractive or negative numbers use a minus sign.

Accounts and Amount Descriptions

Accounts and Amount Descriptions
Common stock, $36 par (300,000 shares authorized, 280,000 shares issued)
Common stock dividends
Excess 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, 48,000 shares issued)
Preferred stock dividends
Retained earnings
Total
Total paid-in capital
Total stockholders equity
Treasury stock

Stockholders Equity

Shaded cells have feedback.

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. For those boxes in which you must enter subtractive or negative numbers use a minus sign.

Score: 22/123

Specialty Auto Racing Inc.

Stockholders Equity

July 31, 20XX

1	Paid-in capital:
2	Text entry invalid	7,200,000
3		384,000
4			7,584,000
5		10,080,000
6		420,000
7
8
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10
11
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13

Points:

4.29 / 24