The following events apply to Gulf Seafood for the Year 1 fiscal year: 1. The company started when it acquired $19,000 cash by issuing common stock. 2. Purchased a new cooktop that cost $16,800 cash. 3. Earned $21,100 in cash revenue. 4. Paid $12,600 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 $2,300. Use straight-line depreciation. The adjusting entry was made as of December 31, Year 1. Exercise 8-7A Part a 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 Assets Statement of Cash - Flows Common Equity Retained Earnings Revenue Expense Net Income Cash Accumulated Depreciation Equipment - Bal. 0+