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 $15,700 cash. 3. Earned $20,800 in cash revenue. 4. Pald $13.600 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 stralght-line depreciation. The adjusting entry was made as of December 31, Year 1. Equipment - Cooktop Bee Bal Bea Bal T 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 Ball 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 Total Assets Liabilities Stockholders' equity Total stockholders' equity Total liabilities and stockholders' equity c. What is the net Income for Year 1? Net income d. What amount of depreciation expense would Gulf Seafood report on the Year 2 income statement? Depreciation expense e. What amount of accumulated depreciation would Gulf Seafood report on the December 31, Year 2 balance sheet? Accumulated depreciation f. Would the cash flow from operating activities be affected by depreciation In Year 2? O Yes O No