Prepare the income statement for Vulcan Service Company for Year 1. (Round your intermediate calculations and final answers to nearest whole dollar.) Complete this question by entering your answers in the tabs below. Exercise 7-8A (Algo) Accounting for uncollectible accounts: percent of receivables allowance method LO 7-2, 7-3 Vulcan Service Company experlenced the following transactions for Year 1, its first year of operations: 1. Provided $70,000 of services on account. 2. Collected $42,000 cash from accounts recelvable. 3. Pald $30,000 of salarles expense for the year. 4. Adjusted the accounts using the following Information from an accounts recelvable aging schedule: Required a. Record the given transactions In general Journal form and post to T-accounts. b. Prepare the Income statement for Vulcan Service Company for Year 1. c. What is the net realizable value of the accounts recelvable at December 31, Year 1? Complete this question by entering your answers in the tabs below. What is the net realizable value of the accounts receivable at December 31, Year 1? (Round your intermediate calculations and final answer to nearest whole dollar.) Exercise 7-8A (Algo) Accounting for uncollectible accounts: percent of receivables allowance method LO 7-2, 7-3 Vulcan Service Company experlenced the following transactions for Year 1, Its first year of operations: 1. Provlded $70,000 of services on account. 2. Collected $42,000 cash from accounts recelvable. 3. Pald $30,000 of salarles expense for the year. 4. Adjusted the accounts using the following Information from an accounts recelvable aging schedule: Required a. Record the given transactions In general Journal form and post to T-accounts. b. Prepare the Income statement for Vulcan Service Company for Year 1. c. What is the net realizable value of the accounts recelvable at December 31, Year 1? Complete this question by entering your answers in the tabs below. Record the given transactions in general journal form. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate calculations and final answers to nearest whole dollar.)