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 c Common Stock, $10 par Paid-In Capital from Sale of Treasury Stock-Common $400,000 30,200 Paid-In Capital in Excess of Par-Common Stock 120,000 Paid-In Capital in Excess of Par-Preferred Stock 72,900 1,215,000 2,242,500 45,100 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 4,100 shares of common stock held as treasury stoc 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 Specialty Auto Racing Inc Stockholders' Equity July 31 Paid-In Capital: Preferred 4% Stock $50 Par (50,000 Shares Authorized, 24,300 Shares Issued) Excess over Par Paid-in Capital, Preferred Stock Common Stock, $10 Par (200,000 Shares Authorized, 40,000 Shares Issued) Excess over Par Paid-in Capital, Common Stock From Sale of Treasury Stock Total Paid-In Capital Check Work 0 move Chart Total Paid-In Capital Retained Earnings Treasury Stock (4,100 Shares at Cost) Total Stockholders' Equity