find the amount of total assets at the end of year 1 and the amount of net income for year 1

The following events apply to Montgomery Company for Year 1, its first year of operation: 1. Received cash of $44,000 from the issue of common stock. 2. Performed $63,000 of services on account. 3. Incurred $9,500 of other operating expenses on account. 4. Paid $36,000 cash for salaries expense. 5. Collected $42,000 of accounts receivable. 6. Paid a $4,500 dividend to the stockholders. 7. Performed $11,000 of services for cash. 8. Paid $7,000 of the accounts payable. Required a. Record the preceding transactions in general journal form. b. Post the entries to T-accounts. c. \& d. Determine the amount of total assets at the end of Year 1, and the amount of net income for Year 1