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 4,200 of the preferred shares were issued at $12.00 per share; cash. Feb. 5 15,000 of the common shares were issued for a total of $118,000; 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 $28,000. May 15 11,200 preferred shares and 16,000 common shares were issued at $13.20 and $9.60 respectively, cash. Dec. 31 The Income Summary account was closed; it showed a debit balance of $321,000. December 31 is Fast Car's year-end. Required: a. Journalize the above transactions. View transaction list X 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. Credit Note : = journal entry has been entered Record entry Clear entry View general journal 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.) FAST CARS INC. Equity Section of the Balance Sheet December 31, 2020 Contributed capital: Total contributed capital $ 0 Total equity