Question

Stockholders' Equity section of balance sheet Instructions Accounts and Amount Descriptions Stockholders' Equity 0 Instructions Specialty Auto Racing Inc. Tetails racing products for BMW, 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 $9,805,000.00 1 Common Stock, 537 par 2 Paid In Capital from Sale of Treasury Stock Common 3 Paid-In Capital in Excess of Par-Common Stock • Paid-In Capital in Excess of Par Preferred Stock 5 Preferred 1% Stock $150 par 6 Retained Earnings 7 Treasury Stock-Common 327,000.00 2.650,000.00 532,500.00 7,125,000.00 68,366,200.00 994,400.00 Fifty thousand shares of referred and 300,000 shares of common stock are authorized. There are 22,800 shares of common stock held as treasury stock Prepare the Stockholders'Equity section of the balance sheer as of Ay 31, the end of the current year, using Method of Exhibit 9. Refer to the lists of Accounts and Amount Descriptions provided for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers use a minus sign. < Previous Next > All work saved Submit Test for Grading

Answer 1

Specialty Auto Racing Inc.
Stockholders' Equity
July 31, 20XX
Paid-In Capital
Preferred 1% Stock, $150 Par (50,000 Shares Authorized, 48,000 Shares Issued)	7,125,000
Excess of Issue Price Over Par	332,500
Paid-in capital, preferred stock		7,457,500
Common Stock, $37 Par (300,000 shares Authorized; 265,000 Shares Issued)	9,805,000
Excess of Issue Price Over Par	2,650,000
Paid-in capital, common stock		12,455,000
From sale of treasury stock		327,000
Total paid-in capital		20,239,500
Retained earnings		68,366,200
Total		88,605,700
Deduct: Treasury Common Stock (22,600 Shares at Cost)		994,400
Total Stockholders' Equity		87,611,300