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 $16,200 cash. 3. Earned $20,600 in cash revenue. 4. Paid $14,000 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. 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.) Cash Equipment - Cooktop Beg. Bal Beg. Bal End. Bal End. Bal Accumulated Depr. Common Stock Beg. Bal Beg. Bal End. Bal End. Bal Sales Revenue Salaries Expense Beg. Bal Beg. Bal End. Bal End. Bal Depreciation Expense Beg. Bal 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 0 Total Assets 0 Liabilities Stockholders' equity 0 Total stockholders' equity Total liabilities and stockholders' equity 0 c. What is the net income for Year 1? Net income e. What amount of accumulated depreciation would Gulf Seafood report on the December 31, Year 2, balance sheet? Accumulated depreciation Would the cash flow from operating activities be affected by depreciation in Year 2? Yes