Omega Consulting 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	$170,000
2	Jan 10, Y1	Purchased office equipment on account	$35,000
3	Feb 1, Y1	Paid cash for office rent	$18,000
4	Mar 5, Y1	Paid cash for marketing expenses	$8,000
5	Apr 10, Y1	Provided consulting services on account	$70,000
6	Jun 20, Y1	Collected cash from customers	$65,000
7	Sep 1, Y1	Paid cash for utilities	$4,500
8	Dec 31, Y1	Paid cash dividends to shareholders	$12,000

Required:

1. Prepare the journal entries for each transaction.
2. Prepare the income statement and balance sheet for the year ended December 31, Year 1.
3. Prepare the statement of cash flows for the year ended December 31, Year 1.