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 $880,000 66,400 264,000 Paid-In Capital in Excess of Par-Preferred Stock 73,200 1,220,000 3,054,400 45,100 Preferred 4% Stock, $50 par Retained Earnings Treasury Stock-Common One hundred thousand shares of preferred and 400,000 shares of common stock are authorized. There are 4,100 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: Specialty Auto Racing Inc Stockholders' Equity July 31 Common Stock, $10 Par (400,000 Shares Authorized, 88,000 Shares Issued) Preferred 4% Stock, $50 Par (100,000 Shares Authorized, 24,400 Shares Issued) From Sale of Treasury Stock Total Paid-In Capital Treasury Stock (4,100 Shares at Cost) Total Stockholders' Equity