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 from 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 schedule: Number of Days Past Due Current 0-30 Allowance Balance Percent Likely to Be Uncollectible 0.01 0.05 0.10 0.20 0.50 Amount $7,800 4,500 2,000 2,200 2,500 31-60 61-90 Over 90 days Required a. Organize the transaction data in accounts under an accounting equation (Enter any decreases to account balances with a minus sign. Not all cells in the "Accounts Titles for Retained Earnings" column may require an input - leave cells blank if there is no corresponding Retained Earnings input needed.) VULCAN SERVICE CO. Accounting Equation for the Year 1 Equity Common Retained Allowance stock Earnings Assets Accounts Receivable Event Accounting Titles for Retained Earnings Cash | 1. 2. 3 4. Bal + b. Prepare the income statement for Vulcan Service Co. for Year 1. VULCAN SERVICE CO. Income Statement For the Year Ended December 31, Year 1 Operating expenses Total operating expenses c. What is the net realizable value of the accounts receivable at December 31, Year 1? Net realizable value