Veek Eleven Review Exercise (due 11/07 at 1 Saved Help Sove & Exit Submit Check my work 2 0.5 points ellos The following events apply to Gulf Seafood for the Year 1 fiscal year 1. The company started when it acquired $60,000 cash by issuing common stock 2. Purchased a new cooktop that cost $40.000 cash 3. Earned $72,000 in cash revenue 4. Paid $25,000 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 $4.000. Use straight-line depreciation. The adjusting entry was made as of December 31, Year 1 Required a. Record the above tronsactions in a horizontal statements model b. What amount of depreciation expense would Gulf Seafood report on the Year 1 income statement? c. What amount of accumulated depreciation would Gulf Seafood report on the December 31, Year 2, balance sheet? d. Would the cash flow from operating activities be affected by depreciation in Yeart? Hitt Defence Complete this question by entering your answers in the tabs below. Reg A Feg B to D Check my werk 2 RA RD 05 Record the above transactions in a horizontal statements model: (In the Cash Flow column, indicate whether the item is an operasi (IA), a financing activity (FA), or net change in cash (NC). If the element is not affected by the event, leave the cell blank. Enterar cash out with a mission. Not all cars will require entry) GULF SEAFOOD Horontal Statement Model Balance Sheet Income Statement Statement of Cash Equity Revenge Expense Net Income Flow EV Connon Retained Equipment Stock Earnings Ent 1 2 w 5 Ba Reqto D > 2 . Would the cash flow from operating activities be affected by depreciation in Year 17 Complete this question by entering your answers in the tabs below. 0.5 porn TA Reto b. What amount of depreciation expense would Gulf Seafood report on the Year 1 Income statement? c. What amount of accumulated depreciation would Gulf Seafood report on the December 31, Year 2, balance sheet? d. Would the cash flow from operating activities be affected by depreciation in Year 1? Deprecation expense on Your income statement Accumulated depreciation on December 31, Your 2. balance sheet 4. Would the cash flow from operating activities be affected by depreciation in Year 17 ReqA