Fast Cars Inc. was authorized to issue $\backslash (50,000\backslash$$ $1\mathrm{.}50\backslash )$ preferred shares and $300,000$ common shares. During $2020,$ its first year of operations, the following selected transactions occurred: Jan. $14,200$ of the preferred shares were issued at $\backslash (\backslash$$ $12\mathrm{.}00\backslash )$ per share; cash. Feb. $515,000$ of the common shares were issued for a total of $\backslash (\backslash$$ $118,000\backslash )$; cash. Mar. $203,000$ of the common shares were given to the organizers of the corporation regarding their efforts. The shares were valued at a total of $\backslash (\backslash$$ $28,000\backslash ).$ May $1511,200$ preferred shares and $16,000$ common shares were issued at $\backslash (\backslash$$ $13\mathrm{.}20\backslash )$ and $\backslash (\backslash$$ $9\mathrm{.}60\backslash )$ respectively; cash. Dec. $31$ The Income Summary account was closed; it showed a debit balance of $\backslash (\backslash$$ $321,000\backslash ).$ December $31$ is Fast Car's year$-$end. Required: a$.$ Journalize the above transactions. $1$ Record the issue of preferred shares. $2$ Record the issue of common shares. $3$ Record the issue of shares to organizers for their work. $4$ Record the issue of preferred and common shares. $5$ Record to close the income summary account. Note : $\backslash (=\backslash )$ journal entry has been entered $/$r$/$n b$.$ Prepare the equity section of Fast Car's balance sheet at December $31,2020.($Amounts to be deducted should be indicated by a minus sign.$)$