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 $640,000 48,300 Paid-In Capital in Excess of Par-Common Stock Paid-In Capital in Excess of Par-Preferred Stock Preferred 4% Stock, $50 par Retained Earnings Treasury Stock-Common 192,000 71,100 1,185,000 2,606,400 44,000 One hundred thousand shares of preferred and 400,000 shares of common stock are authorized. There are 4,000 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 8 Specialty Auto Racing Inc Stockholders' Equity July 31 Paid-In Capital: Preferred 4% Stock, $50 Par (100,000 Shares Authorized, 23,700 Shares Issued) Excess over Par From Sale of Treasury Stock Common Stock, $10 Par (400,000 Shares Authorized, 64,000 Shares Issued) Total Paid-In Capital Retained Earnings Specialty Auto Racing Inc Stockholders' Equity July 31 Paid-In Capital: Preferred 4% Stock, $50 Par (100,000 Shares Authorized, 23,700 Shares Issued) Excess over Par From Sale of Treasury Stock Common Stock, $10 Par (400,000 Shares Authorized, 64,000 Shares Issued) Total Paid-In Capital Retained Earnings Total Stockholders' Equity