Scenario:
In the bustling business world, "Seaside Solutions," "Vertex Corp.," "Galaxy Enterprises," "Pinnacle Retailers," and "Titan Holdings" began operations on January 1, 20X1. Throughout the year, these companies engaged in numerous transactions aimed at furthering their business interests. We will meticulously record these transactions through journal entries, followed by the preparation of a trial balance, income statement, and balance sheet as of December 31, 20X1.
Transactions:

1. Seaside Solutions issued 2,500 shares of common stock at $50 per share, significantly boosting their cash reserves.
2. Vertex Corp. purchased inventory worth $40,000 on credit from Pinnacle Retailers, expanding their stock to meet growing demand.
3. Galaxy Enterprises sold goods for $50,000 in cash, showcasing their robust sales operations.
4. Titan Holdings paid Pinnacle Retailers $30,000 for the inventory purchased, ensuring prompt settlement of accounts.
5. Pinnacle Retailers invested in new office furniture and equipment, acquiring assets worth $80,000 in cash to enhance their workspace.

Instructions:

1. Record each transaction meticulously in the general journal, adhering 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.