1. The company started when it acquired $17,000 cash by issuing common stock. 2. Purchased a new cooktop that cost $13,000 cash. 3. Earned $23,400 in cash revenue. 4. Paid $10,300 cash for salaries expense. 5. Adjusted the records to reflect the use of the cooktop. Purchased on January 1, Year 1, the cooktop has an expected useful life of four years and an estimated salvage value of $2,100. Use straight-line depreciation. The adjustment was made as of December 31, Year 1. Exercise 8-7A (Algo) Part a Required a. Record the above transactions in a horizontal statements model. (In the Statement of Cash Flows column, use the initials (OA), an Investing activity (IA), a financing activity (FA) and net change in cash (NC). Enter any decreases to account balances and cash outflows with a minus sign. Not all cells require input.) GULF SEAFOOD Horizontal Statements Model Balance Sheet Income Statement Event Assets Stockholder's Equity Statement of Cash Cash Equipment (BV) Revenue Common Stock Retained Earnings Expense Net Income Flows 1. 2. 3 4. 5. Bal < Prev + 67 of 7 Next >