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 $39,000 cash by issuing common stock. 2. Purchased a new cooktop that cost $15,500 cosh. 3. Earned $21,500 in cash revenue. 4. Paid $12,200 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 $3,300. Use straight-line depreciation. The odjusting entry was made as of December 31 , Yeat 1. Exercise 8-7A (Algo) part f f. Would the cash flow from operating activites be affected by depreciation in Year 2? Yes