6. Aging Accounts Receivable to Estimate Bad Debt {L0 7.6) Vulcan Service Co. experienced the following transactions for Year 1, its first year of operations: 1. Provided $91,000 of services on account. 2. Collected $72,000 cash for Accounts Receivable. 3. Paid $36,000 of salaries expense for the year. 4 . Adjusted the accounts using the following information from an Accounts Receivable aging sched ule: Number of Days Percent Likely to Past Due Amount Be Uncollectible Current $7,800 .01 030 4,500 .05 3160 2,000 .10 61-90 2,200 .20 Over 90 days 2,500 .50 Required 3. Record the above transactions in general journal form. 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