Stockholders' Equity Section of Balance Sheet Specialty Auto Racing Inc, retails racing products for BMWs, Porsches, and Ferraris. The foliowing accounts and their balances appear in the ledger of Specialty Auto Racing Inc. on July 31, the end of the current year: Firty thousand shares of preferred and 200,000 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 Theck My Won Recal that the paid-h capital section of the belance sheet includes separate reporting of each class of stock. Treasury stock held by a corporaton ceduces stockiciders oquty