Mar. ons in creating it. Their 9 15 s were issued for cash of $13 per share. 6,000 preferred shares were issued for cash totalling $111.600. 55,000 common shares were issued in exchange for land, building, and equipment with appraised values of $317,000, $422,000, and $114,000, respectively. Exercise 12-3 Share transactions, equity LO2,3 CHECK FIGURE: b. Total equity = $275,300 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. Feb. Mar 1 5 20 5,500 of the preferred shares were issued at $13.00 per share; cash. 15,000 of the common shares were issued for a total of $131,000, cash. 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. 12.500 preferred shares and 22.500 common shares were issued at $13.10 and $9.50 respectively, cash. The Income Summary account was closed; it showed a debit balance of $334,000. December 31 is Fast Car's year-end May Dec. 15 31 841 CHAPTER 12 Organization and Operation of Corporations Required a. Journalize the above transactions. b. Prepare the equity section of Fast Car's balance sheet at December 31, 2020. c. The preferred shares are described as "$1.50 preferred shares." Explain what the $1.50 means. Exercise 12-4 Cash dividend L04 Exercise CHECK The Deco On March 1, the board of directors declared a cash dividend of $0.70 per common share record on March 10, payable March 31. There were 127,000 shares issued and outstanding additional shares had been issued during the month. Record the entries for March 1,10 Exercise 12-5 Issuing shares LO3, 4 common share to share outstanding on March Stor March 1, 10, and 31. Mainland Resources Inc. began operations on June 5, 2020. Journalize the following occurred during the first month of operations: ng equity transa 2020 June 5 Gaye 4000 Reamind