LD+Cengage LearningCengageNOWv2 | Online teachin XX/ilrn/takeAssignment/takeAssignment Ma in . do? invoker-assignments&ta keAssignment Session Locator=assignment-take&inprogress=falseApIPrint ItemCalculatoreBookStockholders' Equity Section of Balance SheetSpecialty Auto Racing Inc. retails racing products for BMWS, Porsches, and Ferraris. The following accounts and their balances appear in the ledger of SpecialtyAuto Racing Inc. on July 31, the end of the current year:Common Stock, $10 par$400,00030,200Paid-In Capital from Sale of Treasury Stock-Common120,000Paid-In Capital in Excess of Par-Common Stock69,300Paid-In Capital in Excess of Par-Preferred StockPreferred 4% Stock, $50 par1,155,000Retained Earnings2,164,90042,900Treasury 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 8Specialty Auto Racing IncStockholders' EquityJuly 31, 20XXPaid-In Capital:Preferred 4% Stock, $50 Par (50,000 Shares Authorized, 23,100 Shares Issued)V1,155,000Excess over Par400,000 XPaid-in Capital, Preferred Stock69,300 XNextPreviousCheck My WorkUS 116:18SAMSUNGDI&A$75 x+Cengage LearningCengageNOWv2 | Online teachinXn/ilrn/takeAssignment/takeAssignment Ma in . do? invoker-assignments&ta keAssignmentSession Locator=assignment-take&inprogress-falseApIPrint ItemCalculatoreBookSpeclalty Auto Racing IncStockholders' EquityJuly 31, 20XXPaid-In Capital:Preferred 4% Stock, $50 Par (50,000 Shares Authorized, 23,100 Shares Issued)1,155,000400,000 XExcess over ParPaid-In Capital, Preferred Stock69,300 XCommon Stock, $10 Par (200,000 Shares Authorized, 40,000 Shares Issued)400,000Excess over ParPaid-in Capital, Common StockFrom Sale of Treasury StockTotal Paid-In CapitalRetained EarningsTotalTreasury Stock (3,900 Shares at Cost)Total Stockholders' EquityFeedbackY Check My WorkRecall that the paid-in capital section of the balance sheet includes separate reporting of each class of stock. Treasury stock held by a corporation reducesPreviousNextCheck My WorkUS 116:18SAMSUNG&A45tу

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Asked Nov 21, 2019
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Prepare the stockholders equity section of the balance sheet as of July 31, the end of the current year.

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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
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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

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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
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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

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Statement of stockholders’ equity:

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