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 $37,000 cash by issuing common stock. 2. Purchased a new cooktop that cost $15,400 cash. 3. Earned $18,900 in cash revenue. 4. Paid $12,900 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 $3,400. Use straight-line depreciation. The adjusting entry was made as of December 31, Year 1. c. What is the net income for Year 1 ? d. What amount of depreciation expense would Gulf Seafood report on the Year 2 income statement? e. What amount of accumulated depreciation would Gulf Seafood report on the December 31 , Year 2 , balance sheet