Fast Cars Inc. was authorized to issue 50,000 $1.50 preferred shares and 300,000 common shares. During 2023, its first year of operations, the following selected transactions occurred:

Jan. 1 5,500 of the preferred shares were issued at $13.00 per share; cash.
Feb. 5 15,000 of the common shares were issued for a total of $131,000; cash.
Mar. 20 3,000 of the common shares were given to the organizers of the corporation regarding their efforts. The shares were valued at a total of $29,300.
May 15 12,500 preferred shares and 22,500 common shares were issued at $13.10 and $9.50 respectively; cash.
Dec. 31 The Income Summary account was closed; it showed a debit balance of $334,000. December 31 is Fast Car’s year-end.

Required
a. Journalize the above transactions.
b. Prepare the equity section of Fast Car’s balance sheet at December 31, 2023.
c. The preferred shares are described as “$1.50 preferred shares.” Explain what the $1.50 means.