The following events apply to Montgomery Company for 2016, its first year of operation:

1.	Received cash of $49,000 from the issue of common stock.
2.	Performed $68,000 of services on account.
3.	Incurred $10,500 of other operating expenses on account.
4.	Paid $41,000 cash for salaries expense.
5.	Collected $44,500 of accounts receivable.
6.	Paid a $5,000 dividend to the stockholders.
7.	Performed $11,500 of services for cash.
8.	Paid $7,500 of the accounts payable.

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 2016.

d.	Determine the amount of net income for 2016.