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:

Common Stock, $10 par	$640,000
Paid-In Capital from Sale of Treasury Stock-Common	48,300
Paid-In Capital in Excess of Par-Common Stock	192,000
Paid-In Capital in Excess of Par-Preferred Stock	94,200
Preferred 4% Stock, $50 par	1,570,000
Retained Earnings	3,104,300
Treasury Stock-Common	58,300

One hundred thousand shares of preferred and 400,000 shares of common stock are authorized. There are 5,300 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

Specialty Auto Racing Inc
Stockholders' Equity
July 31, 20XX
Paid-In Capital:
	$
		$
	$
Total Paid-In Capital			$
Total			$
Total Stockholders' Equity			$