required:

a) journalize the above transaction

1.record the issue of preffered shares.

2.record the issue of common shares .

3.record the issue of shares to organizes for their work.

4.record the issue of preffered and common shares.

5. record to close the income summary account.

b) prepare the equity section of fast cars balance sheet at December 31,2020

Fast Cars Inc. was authorized to issue 50,000 $1.50 preferred shares and 300,000 common shares. During 2020, its first operations, the following selected transactions occurred: Jan. 1 5,500 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 $131,000; 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 $29,300. May 15 12,500 preferred shares and 22,500 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 $334,000. December 31 is Fast Car's year-end. Required: a. Journalize the above transactions