Rho Health Services began 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	$160,000
2	Jan 15, Y1	Purchased medical equipment on account	$35,000
3	Feb 5, Y1	Paid cash for office supplies	$7,000
4	Mar 1, Y1	Paid cash for employee salaries	$50,000
5	Apr 10, Y1	Provided healthcare services on account	$80,000
6	Jun 20, Y1	Collected cash from patients	$70,000
7	Sep 1, Y1	Paid cash for utilities	$4,500
8	Dec 31, Y1	Paid cash dividends to shareholders	$15,000

Required:

1. Prepare the journal entries for each transaction.
2. Prepare the statement of retained earnings for the year ended December 31, Year 1.
3. Prepare the balance sheet as of December 31, Year 1.