"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: $460,000 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 34,700 138,000 63,000 1,050,000 Retained Earnings 2,129,800 Treasury Stock-Common 39,600 Fifty thousand shares of preferred and 200,000 shares of common stock are authorized. There are 3,600 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 9. Specialty Auto Racing Inc. Stockholders' Equity July 31, 20xx Paid-In Capital: Preferred 4% Stock, $50 Par (50,000 Shares Authorized, 21,000 Shares Issued) $ 1.050.000 Excess of Issue Price Over Par Pald-in capital, preferred stock Common Stock, $10 Par (200,000 Shares Authorized, 46,000 Shares Issued) 460.000 Excess of Issue Price Over Par Paid-in capital, common stock 138,000 X From Sale of Treasury Stock 34,700 Total Paid-In Capital Retained Earnings 172,700 X 2,129,800 2,302,500 X Total Treasury Stock (3,600 Shares at Cost) -39,600 Total Stockholders' Equity $ 2.262.900