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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

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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 $12,400 cash. 3. Earned $23,300 in cash revenue: 4. Paid $12,000 cash for salariets 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 $2,900. Use straight-line depreciation. The adjustment was made as of December 31 , Year 1. quired: Record the above transactions in a horizontal statements model. te: In the Statement of Cash Flows column, use the initials (OA), an investing activity (IA), a financing activity (FA) and net ange in cash (NC). Enter any decreases to account balances and cash outtlows with a minus sign. Not all cells require input. 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 $12,400 cash 3. Earned $23,300 in cash revnue. 4. Paid $12,000 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 $2,900. Use straight-line depreciation. The adjustment was made as of December 31 , Year 1. b. What amount of depreciation expense would Gulf Seafood report on the Year 1 income statement? The following events apply to Guif 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 $12,400 cash. 3. Earned $23,300 in cash revnue. 4. Pald $12,000 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 usefut life of four years and an estimated salvage value of $2,900. Use straight-ine depreciation. The adjustment was made as of December 31, Year 1. c. What amount of accumulated depreciation would Gulf Seafood report on the December 31, Year 2, balance sheet

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