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 Inc. on July 31, the end of the current year: Common Stock, $10 par Paid-In Capital from Sale of Treasury Stock-Common Paid-In Capital in Excess of Par-Common Stock Paid-In Capital in Excess of Par-Preferred Stock Preferred 4% Stock, $50 par Retained Earnings Treasury Stock-Common 1,425,000 3,319,500 52,800

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 Inc. on July 31 , the end of the current year: ne hundred thousand shares of preferred and 400,000 shares of common stock are authorized. There are 4,800 shares of common stock held as treasury stock. Prepare the Stockholders' Eccuity section of the balance sheet as of July 31 , the end of the current year using Method 1 of Exhibit 8