1. Started the company when it acquired $22,000 cash from the issue of common stock. 2. Purchased a new cooktop that cost $21,000 cash. 3. Earned $35,000 in cash revenue. 4. Paid $19,000 cash for salaries expense. 5. Paid $7,300 cash for operating expenses. 6. Adjusted the records to reflect the use of the cooktop. The cooktop, purchased on January 1, Year 1, has an expected useful life of five years and an estimated salvage value of $3,000. Use straight-line depreciation. The adjustment was made as of December 31, Year 1. Required es a. Record the events in accounts under an accounting equation. (Negative amounts should be indicated by a minus sign.) TRACEY'S RESTAURANT Accounting Equation for Year 1 Assets Stockholders' Equity Event Cooktop 1. Issue stk. + + 2. Pur. cooktop 3. Rev + 4. Paid sal exp. . 5. Paid op. exp. 4 + 6. Depr. exp. Totals Cash $ 0 $ 0 = M Common Stock $ 0 + Retained Earnings $ 0 b. What amount of depreciation expense would Tracey's report on the Year 2 income statement? Depreciation expense c. What amount of accumulated depreciation would Tracey's report on the December 31, Year 2, balance sheet? Accumulated depreciation