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 5.600 of the preferred shares were issued at $12.00 per share onah Feb. 5 15,000 of the common shares were issued for a total of $112,000) cash. Mar. 203,000 of the common shares were given to the organisers of the corporation regarding their ettorts. The shares were valued at a total of $29,400. May 15 12.600 preferred shares and 23,000 common shares were issued at $13.20 and 59.60 respectively: cash. Dec. 31 The Income Summary account was closed; it showed a debit balance of 5335,000. December 31 is Past Car's year-end. Required: a. Journalize the above transactions. View transaction list Journal entry worksheet