SolarWave Energy conducted the following transactions:
1.Issued $400,000 in common stock.
2.Purchased solar panels for $100,000 in cash.
3.Paid $20,000 for marketing.
4.Sold services on account worth $90,000 (cost $40,000).
5.Paid $35,000 in salaries.
6.Received $70,000 from clients.
7.Paid $8,000 for office maintenance.
Requirement: Prepare journal entries and create an income statement.