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	$600,000
Paid-In Capital from Sale of Treasury Stock-Common	45,200
Paid-In Capital in Excess of Par-Common Stock	180,000
Paid-In Capital in Excess of Par-Preferred Stock	91,500
Preferred 4% Stock, $50 par	1,525,000
Retained Earnings	2,978,900
Treasury Stock-Common	57,200

One hundred thousand shares of preferred and 400,000 shares of common stock are authorized. There are 5,200 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:
CashFrom Sale of Treasury StockPreferred 4% Stock, $50 Par (100,000 Shares Authorized, 30,500 Shares Issued)Retained EarningsTreasury Stock (5,200 Shares at Cost)Preferred 4% Stock, $50 Par (100,000 Shares Authorized, 30,500 Shares Issued)	$Preferred 4% Stock, $50 Par (100,000 Shares Authorized, 30,500 Shares Issued)
CashExcess of Issue Price Over ParFrom Sale of Treasury StockRetained EarningsTreasury Stock (5,200 Shares at Cost)Excess of Issue Price Over Par	Excess of Issue Price Over Par
CashExcess of Issue Price Over ParFrom Sale of Treasury StockPaid-in capital, common stockPaid-in capital, preferred stockPaid-in capital, common stock		$Paid-in capital, common stock
CashCommon Stock, $10 Par (400,000 Shares Authorized, 60,000 Shares Issued)Preferred 4% Stock, $50 Par (100,000 Shares Authorized, 30,500 Shares Issued)Retained EarningsTreasury Stock (5,200 Shares at Cost)Common Stock, $10 Par (400,000 Shares Authorized, 60,000 Shares Issued)	$Common Stock, $10 Par (400,000 Shares Authorized, 60,000 Shares Issued)
Common Stock, $10 Par (400,000 Shares Authorized, 60,000 Shares Issued)Excess of Issue Price Over ParPreferred 4% Stock, $50 Par (100,000 Shares Authorized, 30,500 Shares Issued)Retained EarningsTreasury Stock (5,200 Shares at Cost)Excess of Issue Price Over Par	Excess of Issue Price Over Par
CashExcess of Issue Price Over ParFrom Sale of Treasury StockPaid-in capital, common stockPaid-in capital, preferred stockPaid-in capital, common stock		Paid-in capital, common stock
CashCommon Stock, $10 Par (400,000 Shares Authorized, 60,000 Shares Issued)From Sale of Treasury StockPreferred 4% Stock, $50 Par (100,000 Shares Authorized, 30,500 Shares Issued)Treasury Stock (5,200 Shares at Cost)From Sale of Treasury Stock		From Sale of Treasury Stock
Total Paid-In Capital		$fill in the blank 15
Common Stock, $10 Par (400,000 Shares Authorized, 60,000 Shares Issued)Excess of Issue Price Over ParFrom Sale of Treasury StockPreferred 4% Stock, $50 Par (100,000 Shares Authorized, 30,500 Shares Issued)Retained EarningsRetained Earnings		Retained Earnings
Total		$fill in the blank 18
Common Stock, $10 Par (400,000 Shares Authorized, 60,000 Shares Issued)Excess of Issue Price Over ParPreferred 4% Stock, $50 Par (100,000 Shares Authorized, 30,500 Shares Issued)Retained EarningsTreasury Stock (5,200 Shares at Cost)Treasury Stock (5,200 Shares at Cost)		Treasury Stock (5,200 Shares at Cost)
Total Stockholders' Equity