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

Provided $84,000 of services on account.

Collected $50,400 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	$	24,864		.01
0-30		1,680		.05
31-60		2,352		.10
61-90		2,016		.30
Over 90 days		2,688		.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?