"Evergreen Enterprises," "Frontier Inc.," "Titan Corporation," "Summit Retailers," "Skyline Holdings," "Pinnacle & Co.," "Topaz Inc.," "Ascend Retailers," "Highland Enterprises," and "Crest Corporation" began operations on January 1, 20X1. Throughout the year, these companies engaged in various transactions. Prepare journal entries for each transaction, create a trial balance, and then prepare an income statement and a balance sheet as of December 31, 20X1.
Transactions:

1. Frontier Inc. issued 2,000 shares of common stock at $30 per share, receiving cash.
2. Summit Retailers purchased inventory worth $10,000 on credit from Titan Corporation.
3. Crest Corporation sold inventory for $15,500 in cash.
4. Evergreen Enterprises paid Titan Corporation $8,000 for the inventory purchased.
5. Skyline Holdings purchased equipment for $25,000 in cash.
6. Pinnacle & Co. received a $6,500 invoice for utilities.
7. Ascend Retailers paid $3,200 for rent.
8. Topaz Inc. sold inventory worth $18,000 on credit to Highland Enterprises.
9. Highland Enterprises received $11,000 from Topaz Inc. for the sale made on credit.
10. Crest Corporation paid salaries totaling $4,800.

Instructions:

1. Record each transaction in the general journal.
2. Post journal entries to the trial balance.
3. Prepare an income statement for the year ended December 31, 20X1.
4. Prepare a balance sheet as of December 31, 20X1.