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	$720,000
Paid-In Capital from Sale of Treasury Stock-Common	54,300
Paid-In Capital in Excess of Par-Common Stock	216,000
Paid-In Capital in Excess of Par-Preferred Stock	102,000
Preferred 4% Stock, $50 par	1,700,000
Retained Earnings	3,406,600
Treasury Stock-Common	63,800

One hundred thousand shares of preferred and 400,000 shares of common stock are authorized. There are 5,800 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: Preferred 4% Stock, $50 Par (100,000 Shares Authorized, 34,000 Shares Issued) 1,700,000 Excess of Issue Price Over Par 1,598,000 Paid-in capital, preferred stock $ 102,000 Common Stock, $10 Par (400,000 Shares Authorized, 72,000 Shares Issued) 720,000 Excess of Issue Price Over Par 504,000 Paid-in capital, common stock 216,000 From Sale of Treasury Stock 54,300 Total Paid-In Capital 372,300 X Retained Earnings 3,406,600 Total 3,778,900 Treasury Stock (5,800 Shares at Cost) 63,800 Total Stockholders' Equity 3,715,100