"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, $36 par Paid-In Capital from Sale of Treasury Stock-Common Paid-In Capital in Excess of Par-Common Stock Paid-In Capital in Excess of Par-Preferred Stock Preferred 1% Stock, $150 par Retained Earnings Treasury Stock-Common $10,080,000 340,000 420,000 384,000 7,200,000 71,684,000 1,008,000 Fifty thousand shares of preferred and 300,000 shares of common stock are authorized. There are 24,000 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. Paid-In Capital: Specialty Auto Racing Inc. Stockholders' Equity July 31, 20XX Preferred 1% Stock, $150 Par (50,000 Shares Authorized, 48,000 Shares Issued) Excess of Issue Price Over Par Treasury Common Stock (24,000 Shares at Cost) Common Stock, $36 Par (300,000 Shares Authorized, 280,000 Shares Issued) Common Stock, $8 Par (500,000 Shares Authorized, 375,000 Shares Issued) Treasury Common Stock (24,000 Shares at Cost) From Sale of Treasury Stock Total Paid-In Capital Retained Earnings Total Treasury Common Stock (24,000 Shares at Cost) Total Stockholders' Equity 340,000 18,424,000 71,684,000 90,108,000 -1,008,000 89,100,000