he following events apply to Tracey's Restaurant for the Year 1 fiscal year: Started the company when it acquired $32,000 cash from the issue of common stock. Purchased a new cooktop that cost $31,000 cash. Earned $45,000 in cash revenue. Paid $29,000 cash for salaries expense. Paid $8,300 cash for operating expenses. Adjusted the records to reflect the use of the cooktop. The cooktop, purchased on January 1, Year 1, has an expected six years and an estimated salvage value of $4,000. Use straight-line depreciation. The adjustment was made as of D Year 1. equired: . Record the events in accounts under an accounting equation. Note: Negative amounts should be indicated by a minus sign. TRACEY'S RESTAURANT Accounting Equation for Year 1 1. Issue stock Assets = Stockholders' Equity Event Common Retained Cash Cooktop = Stock Earnings 2. Purchase cooktop 3. Revenue 4. Paid salary expense 5. Paid operating expense 6. Depreciation expense Totals: + + + $ 0 S 0 $ 0+ $ 0