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 5.900 of the preferred shares were issued at $12.00 per share; cash. Feb. 515,000 of the common shares were issued for a total of $135,000 cash. Mar. 203,000 of the comon shares were given to the organizers of the corporation regarding their efforts. The shares were valued at total of $29,700 May 15 12,900 preferred shares and 24,500 common shares were issued at $11.70 and $9.6 respectively, cash Dec 31 The Income Sumary account was closed; it showed debit balance of $338,000. December 31 is Fact Can's year and b. Prepare the equity section of Fast Car's balance sheet at December 31, 2020. (Amounts to be deducted should be indicated by a minus sign.) FAST CARS INC Equity Section of the Balance Sheet December 31, 2020 Contributed capital Common shares 300,000 shares truthorized: 42.500, shards issued and outstanding Total contributed capital 0 Total cuity 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 5.900 of the preferred shares were issued at $12.00 per share; cash. Feb. 515,000 of the common shares were issued for a total of $135,000 cash. Mar. 203,000 of the comon shares were given to the organizers of the corporation regarding their efforts. The shares were valued at total of $29,700 May 15 12,900 preferred shares and 24,500 common shares were issued at $11.70 and $9.6 respectively, cash Dec 31 The Income Sumary account was closed; it showed debit balance of $338,000. December 31 is Fact Can's year and b. Prepare the equity section of Fast Car's balance sheet at December 31, 2020. (Amounts to be deducted should be indicated by a minus sign.) FAST CARS INC Equity Section of the Balance Sheet December 31, 2020 Contributed capital Common shares 300,000 shares truthorized: 42.500, shards issued and outstanding Total contributed capital 0 Total cuity