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Stockholders' Equity Section of Balance Sheet Specialty Auto Racing Inc. retails racing products for BMW,...

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Stockholders' Equity Section of Balance Sheet Specialty Auto Racing Inc. retails racing products for BMW, 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 $800,000 Paid-In Capital from Sale of Treasury Stock-Common 60,300 Paid-In Capital in Excess of Par-Common Stock 240,000 Paid-In Capital in Excess of Par-Preferred Stock 60,600 Preferred 4% Stock, $50 par 1,010,000 Retained Earnings 2,648,500 Treasury Stock-Common 37,400 One hundred thousand shares of preferred and 400,000 shares of common stock are authorized. There are 3,400 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 yearsing Method 1 of Exhibit Specialty Auto Racing Inc Stockholders' Equity July 31, 20XX Paid In Capital

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