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 534,000 cash by issuing common stock. 2. Purchased a new cooktop that cost $14,200 cash 3. Earned $22,200 in cash revenue 4. Paid $11,800 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 $3,000, Use straight-line depreciation. The adjusting 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 Complete this question by entering your answers in the tabs below. COS 02 Prepare a balance sheet for the Year 1 accounting period (Enter amounts to be deducted with a minus sign) GUL SEAFOOD Balance Sheet As of December 31, Yoar 1