Vulcan Service Co. experienced the following transactions for Year 1, its first year of operations:

1. Provided $76,000 of services on account.
2. Collected $45,600 cash from accounts receivable.
3. Paid $26,000 of salaries expense for the year.
4. 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?

View transaction list Journal entry worksheet Provided $76,000 of services on account. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal Required A General Journal Required AT Accounts View transaction list Journal entry worksheet Collected $45,600 cash from accounts receivable. Note: Enter debits before credits. Transaction General Journal Debit Credit 2 Record entry Clear entry View general journal View transaction list Journal entry worksheet Required A General Journal Required AT Accounts Required B Required C Prepare the income statement for Vulcan Service Co. for Year 1. (Round your intermediate calculations and final answers to nearest whole dollar.) VULCAN SERVICE CO. Income Statement For the Year Ended December 31, Year 1 Operating expenses Total operating expenses Complete this question by entering your answers in the tabs below. Required A General Journal Required AT Accounts Required B Required C 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.) Net realizable value