ter 3 Homework Saved 8 The following events apply to Tracey's Restaurant for the Year 1 fiscal year: Help Save & Exit Subm nts eBook Print References 1. Started the company when it acquired $38,000 cash from the issue of common stock. 2. Purchased a new cooktop that cost $37,000 cash. 3. Earned $51,000 in cash revenue. 4. Paid $35,000 cash for salaries expense. 5. Paid $7,400 cash for operating expenses. 6. Adjusted the records to reflect the use of the cooktop. The cooktop, purchased on January 1, Year 1, has an expected useful Me of six years and an estimated salvage value of $4.000. Use straight-line depreciation. The adjustment was made as of December 31, Year 1. Required a. Record the events in accounts under an accounting equation. (Negative amounts should be indicated by a minus sign) TRACEY'S RESTAURANT Accounting Equation for Year 1. Stockholders' Equity Retained Check my work