Fierra Sceptre Inc. was authorized to issue 50,000 $1.50 preferred shares and 300,000 common shares. During 2017, its first year of operations, the following selected transactions occurred: Jan. 14,100 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 Fierra's year-end. Required: a. Journalize the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list 1 Record the issue of preferred shares. 2 Record the issue of common shares. 3 Record the issue of shares to organizers for their work. 4 Record the issue of preferred and common shares. 5 Record to close the income summary account. Credit Note : = journal entry has been entered Record entry Clear entry View general journal b. Prepare the equity section of Fierra Sceptre Inc.'s balance sheet at December 31, 2017. (Amounts to be deducted should be indicated by a minus sign.) FIERRA SCEPTRE INC. Equity Section of the Balance Sheet December 31, 2017 Contributed capital: Total contributed capital Total equity L