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 $320,000 Paid-In Capital from Sale of Treasury Stock-Common 24,100 Paid-In Capital in Excess of Par-Common Stock 96,000 Paid-In Capital in Excess of Par-Preferred Stock 95,400 Preferred 4% Stock, $50 par 1,590,000 Retained Earnings 2,593,100 Treasury Stock-Common 59,400 Fifty thousand shares of preferred and 200,000 shares of common stock are authorized. There are 5,400 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.

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: Total Paid-In Capital Total Total Stockholders' Equity