Required informotion Exercise 8-7A (Algo) Effect of depreciation on the accounting equation and financial statements LO 8.2 [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. Purchosed a new cooktop that cost $12,400 cosh 3. Earned $21,200 in cash revenue 4. Paid $11,900 cash for salaries expense. 5. Adjusted the records to reflect the use of the cooltop Purchased on January 1, Year 1 , the cooktop has an expected viseful lie of five years and an entimated salvage value of $3,400 Use straight-line depreciation. The adjusting entry was made as or December 34 Year 1 Exercise 8-7A (Algo) Port a Required -. Record the events in general journal format and post to Taccounts