Fast Cars Inc. was authorized to issue 50,000 $1.50 preferred shares and 300,000 common shares. During 2020, its operations, the following selected transactions occurred: Jan. 1 6,000 of the preferred shares were issued at $11.00 per share; cash. Feb. 5 15,000 of the common shares were issued for a total of $136,000; 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 $29,800. May 15 13,000 preferred shares and 25,000 common shares were issued at $13.30 and $9.70 respectively, cash. Dec. 31 The Income Summary account was closed; it showed a debit balance of $339,000. December 31 is Fast Car's year-end. k k 1 nces Required: a. Journalize the above transactions. View transaction list View journal entry worksheet No Date General Journal Credit Debit 70,800 1 January 01, 2020 Cash Preferred shares 70,800 b. Prepare the equity section of Fast Car's balance sheet at December 31, 2020. (Amounts to be deducted should be indicat minus sign.) FAST CARS INC. Equity Section of the Balance Sheet December 31, 2020 Contributed capital: Organization expenses Organization expenses Total contributed capital 0 Total equity