Help Save & Exit Sub: 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 5,500 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 $29,380. May 15 12,500 preferred shares and 22,508 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. view transaction ist Journal entry worksheet 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: 0 $ Total contributed capital Total equity