ch 12 - Connect cation.com Saved Fast Cars Inc. was authorized to issue 50,000 $1.50 preferred shares and 300,000 common shares. During 2020, its first year operations, the following selected transactions occurred: Jan. 1 4,200 of the preferred shares were issued at $12.00 per share; cash. Feb. 5 15,000 of the common shares were issued for a total of $118,000; 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 $28,000. May 15 11,200 preferred shares and 16,000 common shares were issued at $13.20 and $9.60 respectively; cash. Dec. 31 The Income Summary account was closed; it showed a debit balance of $321,000. December 31 is Fast Car's year-end. Required: a. Journalize the above transactions. View transaction list Journal entry worksheet