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Specialty Auto Racing Inc. retails racing products for BMW, Porsches, and Ferraris. The following accounts...

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Accounting

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Specialty Auto Racing Inc. retails racing products for BMW, Porsches, and Ferraris. The following accounts and the balances appear in the ledger of Specialty Auto Racing on July 31, the end of the current year: Common Stock, $10 par $420,000 Paid-In Capital from Sale of Treasury Stock-Common 31,700 Paid-In Capital in Excess of Par-Common Stock 126,000 Paid In Capital in Excess of Par-Preferred Stock 57,900 Preferred 4%. Stock, 550 por 965,000 Retained Earnings 1.952,700 Treasury Stock-Common 36,300 Fifty thousand shares of preferred and 200,000 shares of common stock are authorized. There are 3.300 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: 0 10 0 Specialty Auto Racing Inc. Stockholders' Equity July 31, 20XX Paid-In Capital: u O 00 Total Paid-In Capital Total Choi Total Stockholders' Equity

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