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 $33,000 cash by issuing common stock. 2. Purchased a new cooktop that cost $16.900 cash. 3. Earned $18.000 in cash revenue. 4. Paid $11,500 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 salvage value of $2,600. 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. (Amounts to be deducted should be Indicated by a minus sign.) GULF SEAFOOD Balance Sheet As of December 31, Year 1 Assets E pment Cooktop $ 10.000 Less Accumulated depreciation 2014040 Total Assets 540 Liabilities Stockholders equity Common stock 3 33.000