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	4,100 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 $117,000; 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 $27,900.
May	15	11,100 preferred shares and 15,500 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 $320,000. December 31 is Fast Cars year-end.

Required: a. Journalize the above transactions. b. Prepare the equity section of Fast Cars balance sheet at December 31, 2020. (Amounts to be deducted should be indicated by a minus sign.)