The following events apply to Tracey's Restaurant for the Year 1 fiscal year: 1. Started the company when it acquired $34,000 cash from the issue of common stock. 2. Purchased a new cooktop that cost $33,000 cash. 3. Earned $47,000 in cash revenue. 4. Paid $31,000 cash for salaries expense. 5. Paid $7,000 cash for operating expenses. 6. Adjusted the records to reflect the use of the cooktop. The cooktop, purchased on January 1, Year 1, has an expected useful life of four years and an estimated salvage value of $2,000. Use straight-line depreciation. The adjustment was made as of December 31, Year 1. Required: a. Record the events in accounts under an accounting equation. Note: Negative amounts should be indicated by a minus sign. TRACEY'S RESTAURANT Accounting Equation for Year 1 Assets Event Cash Cooktop 1. Issue stock 2. Purchase cooktop 3. Revenue 4. Paid salary expense 5. Paid operating expense Stockholders' Equity Common Stock Retained Earnings 6. Depreciation expense Totals $ 0 $ 0 $ 0+ $