Question
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
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 Inc. on July 31, the end of the current year:
| Common Stock, $10 par | $320,000 |
| Paid-In Capital from Sale of Treasury Stock-Common | 24,100 |
| Paid-In Capital in Excess of Par-Common Stock | 96,000 |
| Paid-In Capital in Excess of Par-Preferred Stock | 83,400 |
| Preferred 4% Stock, $50 par | 1,390,000 |
| Retained Earnings | 2,334,500 |
| Treasury Stock-Common | 51,700 |
Fifty thousand shares of preferred and 200,000 shares of common stock are authorized. There are 4,700 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
| Paid-In Capital: | ||||
| CashTreasury Stock (4,700 Shares at Cost)From Sale of Treasury StockPreferred 4% Stock, $50 Par (50,000 Shares Authorized, 27,800 Shares Issued)Retained Earnings | $- Select - | |||
| CashTreasury Stock (4,700 Shares at Cost)Excess over ParFrom Sale of Treasury StockRetained Earnings | - Select - | |||
| CashTreasury Stock (4,700 Shares at Cost)Paid-in Capital, Preferred StockFrom Sale of Treasury StockRetained Earnings | $- Select - | |||
| CashCommon Stock, $10 Par (200,000 Shares Authorized, 32,000 Shares Issued)Preferred 4% Stock, $50 Par (50,000 Shares Authorized, 27,800 Shares Issued)Retained Earnings | $- Select - | |||
| CashCommon Stock, $10 Par (200,000 Shares Authorized, 32,000 Shares Issued)Excess over ParPreferred 4% Stock, $50 Par (50,000 Shares Authorized, 27,800 Shares Issued)Retained Earnings | - Select - | |||
| CashCommon Stock, $10 Par (200,000 Shares Authorized, 32,000 Shares Issued)Paid-in Capital, Common StockPreferred 4% Stock, $50 Par (50,000 Shares Authorized, 27,800 Shares Issued)Retained Earnings | - Select - | |||
| CashCommon Stock, $10 Par (200,000 Shares Authorized, 32,000 Shares Issued)From Sale of Treasury StockPreferred 4% Stock, $50 Par (50,000 Shares Authorized, 27,800 Shares Issued)Treasury Stock (4,700 Shares at Cost) | - Select - | |||
| Total Paid-In Capital | $fill in the blank 15 | |||
| CashExcess over ParNet IncomeFrom Sale of Treasury StockRetained Earnings | - Select - | |||
| CashCommon Stock, $10 Par (200,000 Shares Authorized, 32,000 Shares Issued)Excess over ParPreferred 4% Stock, $50 Par (50,000 Shares Authorized, 27,800 Shares Issued)Treasury Stock (4,700 Shares at Cost) | - Select - | |||
| Total Stockholders' Equity | $fill in the blank 20 |
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