In the realm of commerce, "Evergreen Enterprises," "Frontier Inc.," "Starlight Corporation," "Summit Retailers," and "Crest Holdings" embarked on their entrepreneurial journey on January 1, 20X1. As the fiscal year unfolded, these entities engaged in various transactions aimed at advancing their business objectives. Let's delve deeper into the intricacies of these transactions, meticulously recording them through journal entries, culminating in the preparation of a trial balance, income statement, and balance sheet as of December 31, 20X1.
Transactions:

1. Summit Retailers issued 1,200 shares of common stock at $50 per share, bolstering their capital reserves with a cash injection.
2. Starlight Corporation purchased inventory worth $25,000 on credit from Evergreen Enterprises, augmenting their product offerings to meet market demands.
3. Crest Holdings conducted a seamless transaction, exchanging goods for $35,000 in cash, showcasing their proficiency in retail operations.
4. Frontier Inc. paid Evergreen Enterprises $20,000 for the inventory purchased, demonstrating financial prudence in managing payables.
5. Evergreen Enterprises invested in infrastructure, acquiring equipment valued at $60,000 in cash, enhancing their operational capabilities.

Instructions:

1. Record each transaction meticulously in the general journal, adhering strictly to the principles of double-entry bookkeeping.
2. Methodically post journal entries to the trial balance, ensuring accuracy and integrity in financial reporting.
3. Systematically prepare an income statement for the fiscal year ended December 31, 20X1, outlining revenue, expenses, and net income.
4. Strategically compile a balance sheet as of December 31, 20X1, encapsulating the financial position of the entities, including assets, liabilities, and equity.