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. Prepare a balance sheet for the Year 1 accounting period. (Enter amounts to be deducted with a minus sign.) Complete this question by entering your answers in the tabs below. Prepare a statement of cash flows for the Year 1 accounting period. (Enter cash outflows with a minus sign.) 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 $60,000 cash by issuing common stock. 2. Purchased a new cooktop that cost $40,000 cash. 3. Earned $72,000 in cash revenue. 4. Paid $25,000 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 $4,000. 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