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: 15,00 of the preferred shares were issued at $12. the cash Feb. 5 15.000 of the common shares were issued for a total of $129,008; cash Mar 20 3,000 of the con shares were given to the organizers of the operation regarding their efforts. The shares were valued at tota $2,100. 15 12,300 preferred shares and 21,50 Khares were issued at $11.0 and a respectively, cash Dec. 31 the income Suy account w closed it showed bit of $32,000. December it is Required 6. Journalize the above transactions View transaction lit Journal entry worksheet