Reference no: EM133028354

Question - 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 $760,000

Paid-In Capital from Sale of Treasury Stock-Common 57,300

Paid-In Capital in Excess of Par-Common Stock 228,000

Paid-In Capital in Excess of Par-Preferred Stock 74,100

Preferred 4% Stock, $50 par 1,235,000

Retained Earnings 2,872,400

Treasury Stock-Common 46,200

One hundred thousand shares of preferred and 400,000 shares of common stock are authorized. There are 4,200 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?