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

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 $460,000 Paid-In Capital from Sale of Treasury Stock-Common 34,700 Paid-In Capital in Excess of Par-Common Stock 138,000 Paid-In Capital in Excess of Par-Preferred Stock 97,800 Preferred 4% Stock, $50 par 1,630,000 Retained Earnings 2,879,800 Treasury Stock-Common 60,500

Fifty thousand shares of preferred and 200,000 shares of common stock are authorized. There are 5,500 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.

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