In the realm of commerce, "Evergreen Enterprises," "Frontier Inc.," "Starlight Corporation," "Summit Retailers," "Crest Holdings," "Apex & Co.," "Golden Sun Inc.," "Ascend Retailers," "Alpine Enterprises," and "Horizon Corporation" set sail on their entrepreneurial voyage on January 1, 20X1. As the fiscal year unfolded, these entities engaged in a plethora of transactions aimed at fostering growth and prosperity. Let us 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. Crest Holdings issued 2,500 shares of common stock at $60 per share, augmenting their capital base through an influx of cash.
2. Summit Retailers procured inventory valued at $20,000 on credit from Starlight Corporation, enhancing their product offerings to meet consumer demands.
3. Evergreen Enterprises swiftly conducted a cash sale, generating $30,000 in revenue, a testament to their adeptness in retail operations.
4. Horizon Corporation settled their accounts, remitting $14,000 to Starlight Corporation for the inventory acquired, underscoring their commitment to financial prudence.
5. Apex & Co. invested in infrastructure, acquiring equipment worth $45,000 in cash, bolstering their operational capabilities.
6. Alpine Enterprises received a utility bill totaling $13,000, an essential expenditure to sustain their day-to-day operations.
7. Ascend Retailers allocated $7,000 towards rental expenses, ensuring a conducive environment for their business operations.
8. Golden Sun Inc. facilitated a credit sale amounting to $40,000 to Apex & Co., showcasing their robust sales strategy.
9. Frontier Inc. diligently received $24,000 from Golden Sun Inc. as payment for a previous sale conducted on credit, bolstering their revenue stream.
10. Starlight Corporation disbursed salaries totaling $9,000, recognizing the dedication and hard work of their employees.

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.