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

Provided $$66,000$ of services on account.

Collected $$39,600$ cash from accounts receivable.

Paid $$28,000$ 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 $$19,5361\%$

$0$ to $301,3205\%$

$31$ to $601,84810\%$

$61$ to $901,58430\%$

Over $90$ days $2,11250\%$

Required

Record the given transactions in general journal form and post to T$-$accounts.

Prepare the income statement for Vulcan Service Company for Year $1.$

What is the net realizable value of the accounts receivable at December $31,$ Year $1?$