"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: $840,000 63,300 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 252,000 86,700 Preferred 4% Stock, $50 par 1,445,000 3,278,100 Retained Earnings Treasury Stock-Common 53,900 One hundred thousand shares of preferred and 400,000 shares of common stock are authorized. There are 4,900 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: DO 10 Total Paid-In Capital bdi Total Total Stockholders' Equity Selected Stock Transactions Diamondback Welding & Fabrication at the beginning of the current year: Diamondback Welding & Fabrication Corporation sells and services pipe welding equipment in Illinois. The following selected accounts appear in the ledger Preferred 2% Stock, $100 par (50,000 shares authorized, 25,000 shares issued) $2,500,000 Paid-In Capital in Excess of Par-Preferred Stock 300,000 Common Stock, $25 par (700,000 shares authorized, 180,000 shares issued) 4,500,000 Paid-In Capital in Excess of Par-Common Stock 590,000 Retained Earnings 16,727,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: a. Purchased 42,000 shares of treasury common for 528 per share b. Sold 21,000 shares of treasury common for $31 per share. C. Issued 13,000 shares of preferred 2% stock at $112. d. Issued 70,000 shares of common stock at $29, receiving cash. e. Sold 14,000 shares of treasury common for $26 per share. f. Declared cash dividends of $2.00 per share on preferred stock and $0.06 per share on common stock. g. Paid the cash dividends. Required: Journalize the entries to record the transactions. If an amount box does not require an entry, leave it blank. a. b. d. II III III III III II II 110 111 III II 11 9