The following events apply to Montgomery Company for Year $1,$ its first year of operation:

Received cash of $$46,000$ from the issue of common stock.

Performed $$65,000$ of services on account.

Incurred $$9,900$ of other operating expenses on account.

Paid $$38,000$ cash for salaries expense.

Collected $$43,000$ of accounts receivable.

Paid a $$4,700$ dividend to the stockholders.

Performed $$11,200$ of services for cash.

Paid $$7,200$ 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$.$ & d$.$ Determine the amount of total assets at the end of Year $1,$ and the amount of net income for Year $1.$