Exercise 8-7A (Algo) Effect of depreciation on the accounting equation and financial statements LO 8-2 (The following information apples to the questions displayed below] The following events apply to Guif Seafood for the Year 1 fiscal year: 1. The company started when t acquired $34,000 cash by issuing common stock: 2. Purchased a new cooktop that cost $12,400cash 3. Earned $21,200 in cash revenue 4. Paid $11,900 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 ife of five years and an estimated salvage value of $3,400 Use straight-line depreciation. The adjusting entry was made as of December 3 , Year 1 Exercise 8-7A (Algo) Effect of depreciation on the accounting equation and financial statements LO 8-2 (The following information apples to the questions displayed below] The following events apply to Guif Seafood for the Year 1 fiscal year: 1. The company started when t acquired $34,000 cash by issuing common stock: 2. Purchased a new cooktop that cost $12,400cash 3. Earned $21,200 in cash revenue 4. Paid $11,900 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 ife of five years and an estimated salvage value of $3,400 Use straight-line depreciation. The adjusting entry was made as of December 3 , Year 1