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 5,200 of the preferred shares were issued at $13.00 per share; cash. Feb. 5 15,000 of the common shares were issued for a total of $128,000, 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 $ 29, . May 15 12,200 preferred shares and 21,900 common shares were issued at $13.10 and $9.50 respectively, cash. Dec. 31 The Income Summary account was closed; it showed a debit balance of $381, 000. December 31 is Fast Car's year-end. 5 01:19:00 Required: a. Journalize the above transactions. eBook View transaction ist View joumal entry worksheet Debit No Credit General Journal Date