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 $300,000 Paid-In Capital from Sale of Treasury Stock-Common 22,600 Paid-In Capital in Excess of Par-Common Stock 90,000 Paid-In Capital in Excess of Par-Preferred Stock 99,300 Preferred 4% Stock, $50 par 1,655,000 Retained Earnings 2,643,600 Treasury Stock-Common 61,600 Fifty thousand shares of preferred and 200,000 shares of common stock are authorized. There are 5,600 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 8 Specialty Auto Racing Inc Stockholders' Equity July 31, 20XX Paid-In Capital: Preferred 4% Stock, $50 Par (50,000 Shares Authorized, 33,100 Shares Issued) $ 300,000 Excess over Par Total Paid-In Capital Total Total Stockholders' Equity