Note: In the Statement of Cash Flows column, use the initials (OA), an investing activity (IA),...

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Note: In the Statement of Cash Flows column, use the initials (OA), an investing activity (IA), a financing activity (FA) and net change in cash (NC). Enter any decreases to account balances and cash outflows with a minus sign. Not all cells require input. GULF SEAFOOD Assets Event Equipment Cash (BV) 1. 17,000 + Balance Sheet Stockholder's Equity Common Retained Revenue Stock Earnings 17,000 + Horizontal Statements Model Income Statement Expense Net Income Statement of Cash Flows 235 2. (16,900) + 16,900 = 3. 23,100 + 4. (11,600) + 5. + Balance 11,600 + 16,900 = | || ||| || | || | ||| || | || | |||| + 23,100 + 17,000 + ++ 23,100 0 0 = 0 0 ! 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 $17,000 cash by issuing common stock. 2. Purchased a new cooktop that cost $16,900 cash. 3. Earned $23,100 in cash revenue. 4. Paid $11,600 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 $2,500. Use straight-line depreciation. The adjustment was made as of December 31, Year 1. Required: a. Record the above transactions in a horizontal statements model. Note: In the Statement of Cash Flows column, use the initials (OA), an investing activity (IA), a financing activity (FA) and net change in cash (NC). Enter any decreases to account balances and cash outflows with a minus sign. Not all cells require input. GULF SEAFOOD Assets Event Equipment Cash (BV) 1. 17,000 + Balance Sheet Stockholder's Equity Common Retained Revenue Stock Earnings 17,000 + Horizontal Statements Model Income Statement Expense Net Income Statement of Cash Flows 235 2. (16,900) + 16,900 = 3. 23,100 + 4. (11,600) + 5. + Balance 11,600 + 16,900 = | || ||| || | || | ||| || | || | |||| + 23,100 + 17,000 + ++ 23,100 0 0 = 0 0 ! 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 $17,000 cash by issuing common stock. 2. Purchased a new cooktop that cost $16,900 cash. 3. Earned $23,100 in cash revenue. 4. Paid $11,600 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 $2,500. Use straight-line depreciation. The adjustment was made as of December 31, Year 1. Required: a. Record the above transactions in a horizontal statements model.