"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: Stock shares authorized are: preferred stock, 100,000 shares; common stock, 400,000 shares. There are 5,600 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 10 . Prepare the "Stockholders' Equity" section of the balance sheet as of July 31 , the end of the current year using Method 1 of Exhibit 10. Specialty Auto Racing Inc. Stockholders' Equity July 31, 20XX Line Item Description Amount Paid-In Capital: Preferred 4\% Stock, $50 Par (100,000 Shares Authorized, 32,900 Shares Issued) $1,645,000 Paid-in capital, preferred stock Common Stock, \$10 Par (400,000 Shares Authorized, 92,000 Shares Issued) Excess of Issue Price Over Par Paid-in capital, common stock From Sale of Treasury Stock Total Paid-In Capital Retained Earnings Total Treasury Stock (5,600 Shares at Cost) Total Stockholders' Equity