b. Prepare a balance sheet for the Year 1 accounting period. (Amounts to be deducted should be indicated by a minus sign.) GULF SEAFOOD Balance Sheet As of December 31, Year 1 Assets 0 Total Assets Liabilities Stockholders' equity 0 Total stockholders' equity Total liabilities and stockholders' equity $ 0 c. What is the net income for Year 1? Net income d. What amount of depreciation expense would Gulf Seafood report on the Year 2 income statement? Depreciation expense e. What amount of accumulated depreciation would Gulf Seafood report on the December 31, Year 2, balance sheet? Accumulated depreciation f. Would the cash flow from operating activities be affected by depreciation in Year 2? Yes