the following events apply to gulf seafood for the 2018 fiscal year

Saved Required information (The following information applies to the questions displayed below.) The following events apply to Gulf Seafood for the 2018 fiscal year: 1. The company started when it acquired $60,000 cash by issuing common stock. 2. Purchased a new cooktop that cost $40,000 cash. 3. Earned $72,000 in cash revenue. 4. Paid $25,000 cash for salaries expense. 5. Adjusted the records to reflect the use of the cooktop. Purchased on January 1, 2018, the cooktop has an expected useful life of four years and an estimated salvage value of $4,000. Use straight-line depreciation. The adjusting entry was made as of December 31, 2018 Required a. Record the above transactions in a horizontal statements model like the following one. (In the Cash Flow column, indicate whether the item is an operating activity (OA), an investing activity (IA), a financing activity (FA) and net change in cash (NC). If the element is not affected by the event, leave the cell blank. Enter any decreases to account balances and cash outflows with a minus sign.) GULF SEAFOOD Horizontal Statements Model Balance Sheet Income Statement Assets Statement of Cash Flow Event Equity Common Retained ined Stock Earnings Revenue - Expense - Net Income Cash Accumulated Depreciation - Equipment - City Taxi Service purchased a new auto to use as a taxi on January 1, 2018, for $36.000. In addition, City paid sales tax and title fees of $1,200 for the vehicle. The taxi is expected to have a five-year life and a salvage value of $4,000. Required a. Using the straight-line method, compute the depreciation expense for 2018 and 2019. b. Assume the van was sold on January 1, 2020, for $21,000. Determine the amount of gain or loss that would be recognized on the asset disposal. (Amounts to be deducted should be indicated with minus sign.) a. 2018 Depreciation 2019 Depreciation on sale per year per year b