con +#2 (CH 11-13) Help Fast Cars Inc. was authorized to issue 50,000 $1.50 preferred shares and 300,000 common shares. During 2020, its first year of operations, the following selected transactions occurred: Jan. 1 5,400 of the preferred shares were issued at $11.00 per share; cash. Feb. 5 15,000 of the common shares were issued for a total of $130,000; 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 $29,200. May 15 12,400 preferred shares and 22,000 common shares were issued at $13.30 and $9.70 respectively: cash. Dec. 31 The Income Summary account was closed; it showed a debit balance of $333,000. December 31 Is Fast Car's year-end. Required: a. Journalize the above transactions. View transaction list Journal entry worksheet 2 3 4 5 Record the issue of preferred shares. Prey 7 16 !! Next > Address Journal entry worksheet Journal entry worksheet Journal entry worksheet 2 3 hmi 5 Record the issue of shares to organizers for their work. Note: Enter debits before credits. Date General Journal Debit Credit March 20. 2020 View general journal Record entry Clear entry Journal entry worksheet