\begin{tabular}{|c|c|c|} \hline \multicolumn{3}{|l|}{ GULF SEAFOOD } \\ \hline \multicolumn{3}{|l|}{ Balance Sheet } \\ \hline \multicolumn{3}{|l|}{ As of December 31, Year 1} \\ \hline \multicolumn{3}{|l|}{ Assets } \\ \hline Cash & & $31,000 \\ \hline Equipment - Cooktop & $12,000x & \\ \hlinex & & 12,000 \\ \hline Total Assets & & $43,000 \\ \hline Liabilities & & 2 \\ \hline \multicolumn{3}{|l|}{ Stockholders' equity } \\ \hline Common stock & $60,000 & \\ \hlinex & & \\ \hline Total Stockholders' Equity & & 60,000 \\ \hline Total liabilities and stockholders' equity & & $60,000 \\ \hline \end{tabular} 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. Statement of Cash Flows For the Year Ended December 31, Year 1 \begin{tabular}{|c|c|c|c|c|c|c|c|} \hline \multicolumn{4}{|c|}{ Cash } & \multicolumn{4}{|c|}{ Equipment - Cooktop } \\ \hline Beginning Balance & & & & Beginning Balance & & & \\ \hline & 72,000 & 60,000 & & & 40,000 & 9,000 & \\ \hline & & & & & & & \\ \hline Ending Balance & 12,000 & & & Ending Balance & 31,000 & & \\ \hline \multicolumn{4}{|c|}{ Accumulated Depreciation } & \multicolumn{4}{|c|}{ Common Stock } \\ \hline \multirow[t]{2}{*}{ Beginning Balance } & & & & Beginning Balance & & & \\ \hline & & 9,000 & & & 60000 & x & \\ \hline Ending Balance & & 9,000 & & Ending Balance & 60,000 & & \\ \hline \multicolumn{4}{|c|}{ Sales Revenue } & \multicolumn{4}{|c|}{ Salaries Expense } \\ \hline \multirow[t]{2}{*}{ Beginning Balance } & & & & Beginning Balance & & & \\ \hline & 72,000 & x & & & 25,000 & & \\ \hline Ending Balance & 72,000 & & & Ending Balance & 25,000 & & \\ \hline \multicolumn{4}{|c|}{ Depreciation Expense } & & & & \\ \hline \multicolumn{4}{|l|}{ Beginning Balance } & & & & \\ \hline & 9,000 & & & & & & \\ \hline Ending Balance & 9,000 & & & & & & \\ \hline \end{tabular}