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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 $32,000 cash by issuing common stock. 2. Purchased a new cooktop that cost $14.400 cash. 3. Earned $21,700 in cash revenue. 4. Paid $12.700 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 five years and an estimated salvage value of $2,600. Use straight-line depreciation. The adjusting entry was made as of December 31, Year 1. Required a. Record the events in general journal format and post to T-accounts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is complete and correct. No General Journal Credit Event 1 Debit 32,000 A Cash Common stock 32,000 B 2 14,400 Equipment - Cooktop Cash 14,400 3 Cash 21,700 Sales revenue 21,700 D 4 12,700 Salaries expense Cash 12,700 E 5 2,360 Depreciation expense Accumulated depreciation 2,360 Answer is complete and correct. Cash Equipment - Cooktop Beg. Bal Beg. Bal 1. 2. 2. 14,400 32,000 21,700 14,400 12,700 4. > End. $ 26,600 End. Bal $ 14,400 Bal Accumulated Depr. Common Stock Beg. Bal Beg. Bal 0 2,360 5. 32,000 1. End. Bal 2,360 End. Bal 32,000 Sales Revenue Salaries Expense Beg. Bal Beg. Bal 21,700 3. 4. 12,700 End. Bal 21,700 End. Bal 12,700 Depreciation Expense Beg. Bal 5. 2,360 End. Bal 2,360 b. Prepare a balance sheet and a statement of cash flows 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 Cash Equipment - Cooktop Add: Acoumulated depreciation Total Assets 0 0 $ Liabilities Stockholders' equity Common stock Retained earnings Total stockholders equity Total liabilities and stockholders' equity GULF SEAFOOD Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities: $ 0 Net cash flow from operating activities Cash flows from investing activities: 0 Net cash flow from investing activities Cash flows from financing activities: 0 Net cash flow from financing activities Net change in cash 0 Ending cash balance $ c. What is the net income for Year 1? c 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