"Stockholders' Equity" section of balance sheet

Common Stock, $$10$ par

Paid$-$In Capital from Sale of Treasury Stock$-$Common

Paid$-$In Capital in Excess of Par$-$Common Stock

Paid$-$In Capital in Excess of Par$-$Preferred Stock

Preferred $4\%$ Stock, $$50$ par

Retained Earnings

Treasury Stock$-$Common

$$960,000$

$72,400$

$288,000$

$87,000$

$1,450,000$

$3,486,000$

$53,900$

Stock shares authorized are: preferred stock, $100,000$ shares; common stock, $400,000$ shares. There are $4,900$ 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 $10.$

Specialty Auto Racing Inc.

Stockholders' Equity

July $31,20$xx

Line Item Description

Paid$-$In Capital:

Excess of Issue Price Over Par $,x$

Preferred $4\%$ Stock, $$50$ Par shares Authorized, $29,000$ Shares Issued