Fast Cars Inc. was authorized to issue $50,000$$$1\mathrm{.}50$ preferred shares and $300,000$ common shares. During $2023,$ its first year of operations, the following selected transactions occurred:

Jan. $14,700$ of the preferred shares were issued at $$11\mathrm{.}00$ per share; cash.

Feb. $515,060$ of the common shares were issued for a total of $$123,060$; cash.

Mar. $203,000$ of the common shares were given to the organizers of the corporation regarding their efforts. The shares were valued at a total of $$28,500.$

May $1511,706$ preferred shares and $18,500$ common shares were issued at $$13\mathrm{.}30$ and $$9\mathrm{.}70$ respectively; cash.

Dec. $31$ The Income Summary account was closed; it showed a debit balance of $$326,600.$ December $31$ is Fast Car's year$-$end.

Requlred:

a$.$ Journalize the above transactions.

Journal entry worksheet

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Record the issue of preferred shares.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$January $01,2023,,,],[,,,],[,,,],[,,,],[,,,]]$

b$.$ Prepare the equity section of Fast Car's balance sheet at December $31,2023.($Amounts to be deducted should be Indlcated by a minus slgn$.)$

$\backslash$table$[[$FAST CARS INC.$],[$Equity Section of the Balance Sheet,$],[$December $31,2023,],[$Contributed capital:,$]]$