LD + Cengage Learning CengageNOWv2 | Online teachin X X /ilrn/takeAssignment/takeAssignment Ma in . do? invoker-assignments&ta keAssignment Session Locator=assignment-take&inprogress=false ApI Print Item Calculator eBook 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 $400,000 30,200 Paid-In Capital from Sale of Treasury Stock-Common 120,000 Paid-In Capital in Excess of Par-Common Stock 69,300 Paid-In Capital in Excess of Par-Preferred Stock Preferred 4% Stock, $50 par 1,155,000 Retained Earnings 2,164,900 42,900 Treasury Stock-Common < Fifty thousand shares of preferred and 200,000 shares of commnon stock are authorized. There are 3,900 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 8 Specialty Auto Racing Inc Stockholders' Equity July 31, 20XX Paid-In Capital: Preferred 4% Stock, $50 Par (50,000 Shares Authorized, 23,100 Shares Issued)V 1,155,000 Excess over Par 400,000 X Paid-in Capital, Preferred Stock 69,300 X Next Previous Check My Work US 1 16:18 SAMSUNG DI & A $7 5 x+ Cengage Learning CengageNOWv2 | Online teachin X n/ilrn/takeAssignment/takeAssignment Ma in . do? invoker-assignments&ta keAssignmentSession Locator=assignment-take&inprogress-false ApI Print Item Calculator eBook Speclalty Auto Racing Inc Stockholders' Equity July 31, 20XX Paid-In Capital: Preferred 4% Stock, $50 Par (50,000 Shares Authorized, 23,100 Shares Issued) 1,155,000 400,000 X Excess over Par Paid-In Capital, Preferred Stock 69,300 X Common Stock, $10 Par (200,000 Shares Authorized, 40,000 Shares Issued) 400,000 Excess over Par Paid-in Capital, Common Stock From Sale of Treasury Stock Total Paid-In Capital Retained Earnings Total Treasury Stock (3,900 Shares at Cost) Total Stockholders' Equity Feedback Y Check My Work Recall that the paid-in capital section of the balance sheet includes separate reporting of each class of stock. Treasury stock held by a corporation reduces Previous Next Check My Work US 1 16:18 SAMSUNG & A 4 5 t у