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: $960,000 Common Stock, $10 par Paid-In Capital from Sale of Treasury Stock-Common 72,400 Paid-In Capital in Excess of Par-Common Stock 288,000 Paid-In Capital in Excess of Par-Preferred Stock 70,500 Preferred 4% Stock, $50 par 1,175,000 Retained Earnings 3,130,400 Treasury Stock-Common 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 9. Specialty Auto Racing Inc. Stockholders' Equity July 31, 20XX Paid-In Capital: 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. Specialty Auto Racing Inc. Stockholders' Equity July 31, 20xx Paid-In Capital: dropdown $ Total Paid-In Capital Total Total Stockholders' Equity Telex Inc. Balance Sheet December 31, 2017 $100,000 10,000 $ 110,000 Stockholders' Equity Paid-in capital: Preferred 10% stock, $50 par (2,000 shares authorized and issued) Excess of issue price over par Paid-in capital, preferred stock. Common stock, $20 par (50,000 shares authorized, 45,000 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 (600 shares at cost). Total stockholders' equity..... $900,000 190,000 Method 1 1,090,000 2,000 $1,202,000 350,000 $1,552,000 (27,000) $1,525,000 $ 100,000 Stockholders' Equity Contributed capital: Preferred 10% stock, $50 par (2,000 shares authorized and issued) Common stock, $20 par (50,000 shares authorized, 45,000 shares issued) Additional paid-in capital. Total contributed capital Retained earnings.. Total Treasury stock (600 shares at cost). Total stockholders' equity.. 900,000 202,000 Method 2 $1,202,000 350,000 $1,552,000 (27,000) $1,525,000