The following events apply to Godwin Company for 2011, its first year of operation.

1. Received cash of \(\$ 48,000\) from the issue of common stock.

2. Performed \(\$ 85,000\) of services on account.

3. Incurred \(\$ 8,000\) of other operating expenses on account.

4. Paid \(\$ 34,000\) cash for salaries expense.

5. Collected \(\$ 65,000\) of accounts receivable.

6. Paid a \(\$ 5,000\) dividend to the stockholders.

7. Performed \(\$ 9,200\) of services for cash.

8. Paid \(\$ 4,400\) of the accounts payable.

Required

a. Record the preceding transactions in general journal form.

b. Post the entries to T-accounts and determine the ending balance in each account.

c. Determine the amount of total assets at the end of 2011.

d. Determine the amount of net income for 2011.