4 Part 2 of 6 1.31 points eBook Required information [The following information applies to the questions displayed below.) The following events apply to Gulf Seafood for the Year 1 fiscal year: 1. The company started when it acquired $36,000 cash by issuing common stock. 2. Purchased a new cooktop that cost $12,500 cash. 3. Earned $19,700 in cash revenue. 4. Paid $14,900 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 five years and an estimated salvage value of $3,300. Use straight-line depreciation. The adjusting entry was made as of December 31, Year 1. Hint Print Reference 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 B1 Req B2 Prepare a balance sheet for the Year 1 accounting period. (Enter amounts to be deducted with a minus sign.) GULF SEAFOOD Balance Sheet As of December 31, Year 1 Assets Total Assets Liabilities Stockholders' equity Total Stockholders' Equity Total liabilities and stockholders' equity 0 0 0 Req B1 Req B2>