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 $18,000 cash by issuing common stock. 2. Purchased a new cooktop that cost $13,900 cash. 3. Earned $21,400 in cash revenue. 4. Paid $12,300 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 $2,800. Use straight-line depreciation. The adjustment was made as of December 31, Year 1. quired: Record the above transactions in a horizontal statements model. ite: In the Statement of Cash Flows column, use the initials (OA), an investing activity (IA), a financing activity (FA) and net ange in cash (NC). Enter any decreases to account balances and cash outflows with a minus sign. Not all cells require input. GULF SEAFOOD Horizontal Statements Model Balance Sheet Income Statement Event Assets Stockholder's Equity Cash Equipment (BV) Common Stock. Retained Earnings Revenue Expense Net Income Statement of Cash Flows 1. 18,000+ 18,000+ 2. (13,900)+ 13,900 13,900 18,000 (13,900) IA FA 3. 21,400+ 4. (12,300)+ 21,400 (12,300) 21,400 21,400 OA 12,300 12,300 OA 5. (2,775)- 2,775 (2,775) OA Balance 13,200+ 11,125= 18,000 9,100 21,400 28,975 35,025 NC