Fast Cars Inc. was authorized to issue 50,000$1.50 preferred shares and 300,000 common shares. During 2023, its first year of operations, the following selected transactions occurred: Jan. 15,800 of the preferred shares were issued at $13.60 per share; cash. Feb. 515,080 of the common shares were issued for a total of $134,000; cash. Mar. 203,600 of the common shares were given to the organizers of the corporation regarding their efforts. The shares were valued at a total of $29,66e. May 1512,800 preferred shares and 24,000 conton 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 $337,80. December 31 is Fast Car's year-end. Required: a. Journalize the above transactions. b. Prepare the equity section of Fast Car's balance sheet at December 31,2023 . (Amounts to be deductec minus sign.)