Vulcan Service Co. experienced the following transactions for 2016, 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:
a. Record the above transactions in general journal form and post to T-accounts.
b. Prepare the income statement for Vulcan Service Co. for 2016.
c. What is the net realizable value of the accounts receivable at December 31, 2016?