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 4,600 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 $122,000; 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 $28,400. May 15 11,600 preferred shares and 18,000 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 $325,000. December 31 is Fast Car's year-end.