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. 14,800 of the preferred shares were ined at $12.00 per share; cash, rub. 5 15,000 of the common shares were issued for a total of $124,000; cash. Mar. 29 1,000 of the conson shares were given to the organisers of the corporation reganding their efforts. The shares were valued at a total of $28,400. May 15 11,800 preferred shares and 19,000 cow shares were issued at $13.20 and 19.08 respectively; cash. Dec. 31 The Income Summary account was closed; it showed a debit balance of $327,000. December 31 is Fast Car's year-end. Required: a. Joumalize the above transactions Spand Journal entry worksheet < Record the issue of preferred shares erts Enter delile before eats Date January 01, 2020 General Journal Debit Credit Record enby Cheerenbry View gall b. Prepare the equity section of Fast Cars balance sheet at December 31 2020 (Amounts to be deducted should be indicated by a minus sign) FAST CARS INC. Equity Bection of i Balance Sheet December 31, 2020 Canted capta Sotal comb Tally