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 $34,000 cash by issuing common stock. 2 Purchased a new cooktop that cost $15,900 cash, 3. Eamed $23.500 in cash revenue 4. Pald $11,200 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 $3,100. Use straight-line depreciation. The adjusting entry was made as of December 31. Year 1 c. What is the net income for Year 12 Net noorte