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Stockholders' Equity section of balance sheet Specialty Auto Racing Inc. retails racing products for BMWs, Porsches, and Ferraris. The following accounts and their balances appear

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"Stockholders' Equity" section of balance sheet 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 on July 31, the end of the current year: Qne hundred thousand shares of preferred and 400,000 shares of common Wyock are authorized. There are 5,700 shares of jmmon 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 9. Specialty Auto Racing Inc. Stockholders' Equity July 31,20X Paid-In Capital: Preferred 4\% Stock, $50 Por (100,000 Shares Authorized, 33,500 Shares issued) v Excess of Issue Price Over Par Paid-in capital, preferred stock Common Stock, 510 Par (400,000 Shares Authorized, 64,000 Shares Issued) v Excess of Issue Price Over Par paid-in capital, common stock From Sale of Treasury Stock v Total Paid-In Capital Retained Earnings Total Ireasury Stock (5,700 Shares at Cost) v Total Stockholders' Equity

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