Kappa Foods started operations on January 1, Year 1. Below are the transactions for the first year:

Transaction #	Date	Transaction Description	Amount
1	Jan 1, Y1	Issued common stock for cash	$110,000
2	Jan 10, Y1	Purchased kitchen equipment for cash	$30,000
3	Feb 5, Y1	Purchased raw ingredients on account	$20,000
4	Mar 15, Y1	Paid cash for labor	$40,000
5	Apr 20, Y1	Paid cash for rent	$12,000
6	Jun 1, Y1	Produced food items (cost: $50,000)	-
7	Aug 10, Y1	Sold food items for cash (cost: $45,000)	$70,000
8	Nov 30, Y1	Paid cash for advertising	$8,000

Required:

1. Record the transactions in the general journal.
2. Prepare the year-end adjusting entries.
3. Prepare the statement of cash flows for the year ended December 31, Year 1.