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 $32000 cash by issuing common stock. 2 Purchased a new cooktop that cost $16,100 cash. 3. Earned $18.400 in cash revenue. 4. Paid $14,500 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 salvege value of $3.000. Use streight-line depreciation. The sdjusting entry was made as of December 31, Year 1. b. Prepare a balance sheet and a statement of cash flows for the Year 1 accounting period. Answer is not complete. Complete this question by entering your answers in the tabs below. Req B1 Reg B2 Prepare a balance sheet for the Year 1 accounting period. (Enter amounts to be deducted with a minus sign.) GULF SEAFOOD Balance Sheet As of December 31, Year 1 Assets Cash S 50,400 x Equipment - Cooktop s 16,100 Less: Accumulated depreciation 2,620 x 13,480 Total Assets 63,680 OOO Liabilities Stockholders' equity 32.000 Common stock Retained earnings Total Stockholders' Equity Total liabilities and stockholders' equity OO 18,400 x 50,400 S 50,400 Req Req B2 >