The following events apply to Gulf Seafood for the Year 1 fiscal year. 1. The company started when it acquired $18,000 cash by Issuing common stock. 2. Purchased a new cooktop that cost $17,000 cash. 3. Earned $20,100 in cash revenue. 4. Pald $10,700 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 four years and an estimated salvage value of $2,500. 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. (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). Enter any decreases to account balances and cash outflows with a minus sign. Not all cells in the "Statement of Cash Flows" column may require an input - leave cells blank If there is no corresponding Input needed.) GULF SEAFOOD Horizontal Statements Model Balance Sheet Income Statement Event Assets + Equipment Statement of Cash Flows Cash Revenue Expense = Net Income Accumulated Depreciation Equity Common Retained Stock Earnings + + 2 3 + 4. + + 5 + Bal