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 5,100 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 $127,000; cash. Mar. 203,000 of the common shares were given to the organizers of the corporation regarding their efforts. The shares were valued at a total of $28,900. May 15 12,100 preferred shares and 20,500 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 $330,000. December 31 is Fast Car's year-end. Required: a. Journalize the above transactions. View transaction list Journal entry worksheet