Vulcan Service Co. experienced the following transactions for Year 1, its first year of operations: Provided $70,000 of services on account. Collected $42,000 cash from accounts receivable. Paid $26,000 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 $ 20,720 .01 0-30 1,400 .05 31-60 1,960 .10 61-90 1,680 .30 Over 90 days 2,240 .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?