Vulcan Service Co. experienced the following transactions for Year 1, its first year of operations: Provided $76,000 of services on account. Collected $45,600 cash from accounts receivable. Paid $30,000 of salaries expense for the year. Adjusted the accounts using the following information from an accounts receivable aging schedule: Number of Days Past Due Amount Percent Likely to Be Uncollectible Allowance Balance Current $ 22,496 .01 0-30 1,520 .05 31-60 2,128 .10 61-90 1,824 .30 Over 90 days 2,432 .50 Required a. Record the above transactions in general journal form and post to T-accounts. b. Prepare the income statement for Vulcan Service Co. for Year 1. c. What is the net realizable value of the accounts receivable at December 31, Year 1