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

Provided $$91,000$ of services on account.

Collected $$72,000$ cash from accounts receivable.

Paid $$36,000$ of salaries expense for the year.

Adjusted the accounts using the following information from an accounts receivable aging schedule.

$\backslash$table$[[$Number of Days,Amount,$\backslash$table$[[$Percent Likely to$],[$Past Due$]],$Allowance$],[$Current$,$$$7,800,1\%,],[0$ to $30,4,500,5\%,],[31$ to $60,2,000,10\%,],[61$ to $90,2,200,20\%,],[$Over $90$ days,$2,500,50\%,]]$

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 $1?$