Sports Car Inc. retails racing products for BMWs, Porsches, and Ferraris. The following accounts and their balances appear in the ledger of Sports Car Inc. on November 30, the end of the current year: Common Stock, $5 par…$875,000< Paid-In Capital in Excess of Par-Common Stock…$700,000 Paid-In Capital in Excess of Par-Preferred Stock…$25,000 Paid-In Capital from Sale of Treasury Stock-Common…$16,000 Preferred 3% Stock, $75 par…$937,500< Retained Earnings…$2,338,000 Treasury Stock- Common…$165,000Twenty thousand shares of preferred and 400,000 shares of common stock are authorized. There are 22,000 shares of common stock held as treasury stock.Prepare the Stockholders Equity section of the balance sheet as of November 30, the end of the current year.
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