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: Common Stock, $10 par $680,000 51,300 Paid-In Capital from Sale of Treasury Stock-Common Paid-In Capital in Excess of Par-Common Stock 204,000 Paid-In Capital in Excess of Par-Preferred Stock 87,900 Preferred 4% Stock, $50 par 1,465,000 Retained Earnings 3,035,600 Treasury Stock-Common 55,000 One hundred thousand shares of preferred and 400,000 shares of common stock are authorized. There are 5,000 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