Epsilon Tech started operations on January 1, Year 1. The following transactions occurred during the year:

Transaction #	Date	Transaction Description	Amount
1	Jan 1, Y1	Issued common stock for cash	$200,000
2	Feb 15, Y1	Purchased software licenses on account	$50,000
3	Mar 10, Y1	Paid cash for office rent	$20,000
4	Apr 1, Y1	Paid cash for marketing expenses	$12,000
5	May 10, Y1	Provided tech consulting services on account	$75,000
6	Jul 20, Y1	Received cash from customers for consulting services	$50,000
7	Sep 30, Y1	Paid cash for employee training	$8,000
8	Dec 31, Y1	Declared and paid cash dividends	$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.