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The following events apply to Gulf Seafood for the Year $1$ fiscal year:

The company started when it acquired $$37,000$ cash by issuing common stock.

Purchased a new cooktop that cost $$14,600$ cash.

Earned $$18,100$ in cash revenue.

Paid $$14,900$ cash for salaries expense.

Adjusted the records to reflect the use of the cooktop. Purchased on January $1,$ Year $1,$ the cooktop has an expected useful life of five years and an estimated salvage value of $$3,200.$ Use straight$-$line depreciation. The adjusting entry was made as of December $31,$ Year $1.$

b$.$ Prepare a balance sheet and a statement of cash flows for the Year $1$ accounting period.

Complete this question by entering your answers in the tabs below.

Req B$1$

Req B$2$

Prepare a balance sheet for the Year $1$ accounting period. $($Enter amounts to be deducted with a minus sign.$)$

$\backslash$table$[[$GULF SEAFOOD,$],[$Balance Sheet,,$],[$As of December $31,$ Year $1,,],[,,],[,,],[,,],[,,0],[$Total Assets,,$],[$Liabilities$,,]]$