(Solved): "Stockholders' Equity" section of balance sheet Specialty Auto Racing Inc. retails racing products ...

"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 on July 31 , the end of the current year: Stock shares authorized are: preferred stock, 50,000 shares; common stock, 300,000 shares. There are 24,000 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 10 . Specialty Auto Racing Inc. Stockholders' Equity July 31, 20XX