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 $17,000 cash by issuing common stock. 2. Purchased a new cooktop that cost $14,600 cash. 3. Earned $20,000 in cash revenue. 4. Paid $13,000 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 four years and an estimated salvage value of $2,900. Use straight-line depreciation. The adjustment was made as of December 31, Year 1. Required: a. Record the above transactions in a horizontal statements model. Note: In the Statement of Cash Flows column, use the initials (OA), an investing activity (IA), a financing activity (FA) and net change in cash (NC). Enter any decreases to account balances and cash outflows with a minus sign. Not all cells require input. b. What amount of depreciation expense would Gulf Seafood report on the Year 1 income statement? c. What amount of accumulated depreciation would Gulf Seafood report on the December 31, Year 2, balance sheet