The following events apply to Gulf Seafood for the Year 1 fiscal year: 1. The company started when it acquired $31,000 cash by issuing common stock. 2. Purchased a new cooktop that cost $14,900 cash. 3. Earned $17,600 in cash revenue. 4. Paid $12,300 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 $2,600. Use straight-line depreciation. The adjusting entry was made as of December 31, Year 1. Journal entry worksheet Record entry for issuance of common stock. Note: Enter debits before credits. Event General Journal Debit Credit 1 Record entry Clear entry View general journal A Record entry for issuance of common stock. B Record purchase of equipment for cash. Record cash received from revenue. D Record cash paid for salaries expenses. E Record depreciation expense. Cash Equipment - Cooktop Beg. Bal Beg. Bal End. Bal End. Bal Accumulated Depr. Common Stock Beg. Bal Beg. Bal End. Bal End. Bal Sales Revenue Salaries Expense Beg. Bal Beg. Bal End. Bal End. Bal Depreciation Expense Beg. Bal End. Bal GULF SEAFOOD Balance Sheet As of December 31, Year 1 Assets Total Assets Liabilities Stockholders' equity Total stockholders' equity Total liabilities and stockholders' equity GULF SEAFOOD Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities: Net cash flow from operating activities Cash flows from investing activities: Net cash flow from investing activities Cash flows from financing activities: Net cash flow from financing activities Net change in cash Ending cash balance