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	$680,000
Paid-In Capital from Sale of Treasury Stock-Common	51,300
Paid-In Capital in Excess of Par-Common Stock	204,000
Paid-In Capital in Excess of Par-Preferred Stock	97,500
Preferred 4% Stock, $50 par	1,625,000
Retained Earnings	3,242,500
Treasury Stock-Common	60,500

One hundred thousand shares of preferred and 400,000 shares of common stock are authorized. There are 5,500 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:		blank
CashTreasury Stock (5,500 Shares at Cost)From Sale of Treasury StockPreferred 4% Stock, $50 Par (100,000 Shares Authorized, 32,500 Shares Issued)Retained Earnings	$- Select -	blank
CashTreasury Stock (5,500 Shares at Cost)Excess over ParFrom Sale of Treasury StockRetained Earnings	- Select -	blank	blank
CashTreasury Stock (5,500 Shares at Cost)Paid-in Capital, Preferred StockFrom Sale of Treasury StockRetained Earnings	blank	$- Select -	blank	blank
CashCommon Stock, $10 Par (400,000 Shares Authorized, 68,000 Shares Issued)Treasury Stock (5,500 Shares at Cost)Preferred 4% Stock, $50 Par (100,000 Shares Authorized, 32,500 Shares Issued)Retained Earnings	$- Select -	blank
CashCommon Stock, $10 Par (400,000 Shares Authorized, 68,000 Shares Issued)Treasury Stock (5,500 Shares at Cost)Excess over ParPreferred 4% Stock, $50 Par (100,000 Shares Authorized, 32,500 Shares Issued)Retained Earnings	- Select -	blank	blank
CashCommon Stock, $10 Par (400,000 Shares Authorized, 68,000 Shares Issued)Treasury Stock (5,500 Shares at Cost)Paid-in Capital, Common StockPreferred 4% Stock, $50 Par (100,000 Shares Authorized, 32,500 Shares Issued)Retained Earnings	blank	- Select -	blank	blank
CashCommon Stock, $10 Par (400,000 Shares Authorized, 68,000 Shares Issued)From Sale of Treasury StockPreferred 4% Stock, $50 Par (100,000 Shares Authorized, 32,500 Shares Issued)Treasury Stock (5,500 Shares at Cost)		- Select -	blank
Total Paid-In Capital		blank	$fill in the blank 15
CashCommon Stock, $10 Par (400,000 Shares Authorized, 68,000 Shares Issued)Treasury Stock (5,500 Shares at Cost)Excess over ParFrom Sale of Treasury StockPreferred 4% Stock, $50 Par (100,000 Shares Authorized, 32,500 Shares Issued)Retained Earnings		blank	- Select -
Total		blank	$fill in the blank 18
CashCommon Stock, $10 Par (400,000 Shares Authorized, 68,000 Shares Issued)Treasury Stock (5,500 Shares at Cost)Excess over ParPreferred 4% Stock, $50 Par (100,000 Shares Authorized, 32,500 Shares Issued)Retained Earnings		blank	- Select -
Total Stockholders' Equity	blank	blank	$fill in the blank 21	blank