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 Paid-In Capital from Sale of Treasury Stock-Common Paid-In Capital in Excess of Par-Common Stock $340,000 25,600 102,000 Paid-In Capital in Excess of Par-Preferred Stock 74,400 1,240,000 2,174,000 46,200 Preferred 4% Stock, $50 par Retained Earnings Treasury Stock-Common Fifty thousand shares of preferred and 200,000 shares of common stock are authorized. There are 4,200 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: Treasury Stock (4,200 Shares at Cost) Treasury Stock (4,200 Shares at Cost) Specialty Auto Racing Inc Stockholders' Equity July 31, 20XX 34,000 X 1,240,000 X Paid-in Capital, Preferred Stock 1,580,000 X Common Stock, $10 Par (200,000 Shares Authorized, 34,000 Shares Issued) Preferred 4% Stock, $50 Par (50,000 Shares Authorized, 24,800 Shares Issued) Retained Earnings 102,000 X 74,400 X 176,400 X From Sale of Treasury Stock 25,600 Total Paid-In Capital Retained Earnings Total Treasury Stock (4,200 Shares at Cost) Total Stockholders' Equity 1,782,000 2,174,000 3,956,000 -46,200 3,909,800