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. b. Prepare a balance sheet and a statement of cash flows for the Year 1 accounting period. Complete this question by entering your answers in the tabs below. Prepare a statement of cash flows for the Year 1 accounting period. (Enter cash outflows with a minus sign.) 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. b. Prepare a balance sheet and a statement of cash flows for the Year 1 accounting period. Complete this question by entering your answers in the tabs below. Prepare a statement of cash flows for the Year 1 accounting period. (Enter cash outflows with a minus sign.)