The following events apply to Gulf Seafood for the Year 1 fiscal year:

1. The company started when it acquired $30,000 cash by issuing common stock.
2. Purchased a new cooktop that cost $12,900 cash.
3. Earned $22,100 in cash revenue.
4. Paid $12,900 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 $3,300. Use straight-line depreciation. The adjusting entry was made as of December 31, Year 1.

a. Record the events in general journal format and post to T-accounts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

b. Prepare a balance sheet for the Year 1 accounting period. (Amounts to be deducted should be indicated by a minus sign.)

c. What is the net income for Year 1?

d. What amount of depreciation expense would Gulf Seafood report on the Year 2 income statement?

e. What amount of accumulated depreciation would Gulf Seafood report on the December 31, Year 2, balance sheet?

f. Would the cash flow from operating activities be affected by depreciation in Year 2?

The following events apply to Gulf Seafood for the Year 1 fiscal year: 1. The company started when it acquired $30,000 cash by issuing common stock. 2. Purchased a new cooktop that cost $12,900 cash. 3. Earned $22,100 in cash revenue. 4. Paid $12,900 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 $3,300. Use straight-line depreciation. The adjusting entry was made as of December 31, Year 1