"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, $10 par$800,000Paid-In Capital from Sale of Treasury Stock-Common60,300Paid-In Capital in Excess of Par-Common Stock240,000Paid-In Capital in Excess of Par-Preferred Stock60,900Preferred 4% Stock, $50 par1,015,000Retained Earnings2,655,000Treasury Stock-Common38,500

One hundred thousand shares ofpreferredand 400,000 shares ofcommon stockare authorized. There are 3,500 shares of common stock held astreasury stock.

Prepare the Stockholders' Equity section of the balance sheet as of July 31, the end of the current year usingMethod 1ofExhibit 9.

Specialty Auto Racing Inc.Stockholders' EquityJuly 31, 20XX

Paid-In Capital: