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

Provided $$80,000$ of services on account.

Collected $$48,000$ cash from accounts receivable.

Paid $$32,000$ of salaries expense for the year.

Adjusted the accounts using the following information from an accounts receivable 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 receivable at December $31,$ Year $1?$