Scenario:
In the competitive business landscape, "Oceanic Enterprises," "Skyline Corp.," "Comet Ventures," "Pinnacle Retailers," and "Aurora Holdings" began their operations on January 1, 20X1. Throughout the year, these companies engaged in various transactions aimed at achieving their business goals. 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. Oceanic Enterprises issued 4,000 shares of common stock at $60 per share, significantly boosting their cash reserves.
2. Skyline Corp. purchased inventory worth $50,000 on credit from Pinnacle Retailers, expanding their stock to meet growing demand.
3. Comet Ventures sold goods for $60,000 in cash, showcasing their sales proficiency.
4. Aurora Holdings paid Pinnacle Retailers $40,000 for the inventory purchased, ensuring financial prudence.
5. Pinnacle Retailers invested in a new warehouse, acquiring it for $90,000 in cash to enhance their storage capabilities.

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.