The following events apply to Gulf Seafood for the year 1 flacal year 1. The company started when it acquired $60.000 cash by issuing common stock 2. Purchased a new cooktop that cout $40,000 cash 3. Earned 572.000 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, Yeart the cooktop has an expected wetul 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 Year 1 Required a. Record the above transactions in a horizontal statements model 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? d. Would the cash flow from operating activities be affected by depreciation in Year 12 Complete this question by entering your answers in the tabs below. cash outflows with a minus sign. Not all cells will require entry) GULF SEAFOOD Horizontal Statements Model Balance Sheet Income Statement Equity Revenue Expense Net Income BV Common Retained Enument Stock Earings Statement of Cash Flow + + 2 - 5 O 0 D. 0 Red Reqto D > Complete this question by entering your answers in the tabs below. Red A Red 8 to D Door 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? d. Would the cash flow from operating activities be affected by depreciation in Year 1? Depreciation expense on Year 1 income statement c Accumulated depreciation on December 31, Year 2. balance sheet d. Would the cash flow from operating activities be affected by depreciation in Year 1?