$[$The following information applies to the questions displayed below.$]$

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

The company started when it acquired $$33,000$ cash by issuing common stock.

Purchased a new cooktop that cost $$16,200$ cash.

Earned $$17,700$ in cash revenue.

Paid $$11,600$ cash for salaries expense.

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 $$3,400.$ 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.

View general journal

c$.$ What is the net income for Year $1?$

Net income

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

Depreciation expense

b$.$ Prepare a balance sheet and a statement of cash flows for the Year $1$ accounting period.