The following events apply to Montgomery Company for Year 1, its first year of operation: 1. Received cash of $40,000 from the issue of common stock. 2. Performed $59,000 of services on account. 3. Incurred $8,700 of other operating expenses on account. 4. Paid $32,000 cash for salaries expense. 5. Collected $40,000 of accounts receivable. 6. Paid a $4,100 dividend to the stockholders. 7. Performed $10,600 of services for cash. 8. Paid $6,600 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.