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Exercise 6-7A (Algo) Effect of depreciation on the accounting equation and financial statements LO 62 The following events apply to Gulf Seafood for the Year 1 fiscal year: 1. The company started when it acquired $17,000 cash by issuing common stock. 2. Purchased a new cooktop that cost $13,400 cash. 3. Earned $20,300 in cash revenue. 4. Paid $10,700 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 $2,600. Use straight-line depreciaton. The adjusting entry was made as of December 31, Year 1. Required a. Record the above transactions 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 roport on the December 31 , Year 2, balance sheet? d. Would the cash flow from operating activities be affected by depreciation in Year 1 ? Complete this question by entering your answers in the tabs below. Pecord the above transactions in a horizontal statements model. (th the Cash Flow column, indicate whether the item is an operating activity (OA), an investing activity (IA), a financing activity (FA), or net change in eash (NC). If the element is not affected by the event, leave the cell blank. Enter any decreases to account balances and Cash outflows with a minus sign. Not all cells will require entry.) Recoed the above transoctions in a horizontal statements model. (th the Cash Flow column, indicate whether the item is an operating activ ty (OA), am investing activicy (1A), a finaneing activity (FA), or net change in cash (NC). If the element is not acfected by the eventi, leave the cell blank. Enter any decreases to account balancens and eash outflows with a minus sign. Not all celis will require entry.). Required a. Pecoed the above trarsactions in a horizontal statements model. b. What amount of depreciation expense would Guir Seafood report on the Year 1 income statement? c. What amount of accumulated depreciation would Gulf Seafood repert on the December 31, Yoar 2, bolance sheet? d. Would the cash flow from eperating activies be affected by depreciation in Year 1 ? Complete this question by entering your answers in the tabs belew. b. What amount of depeciation expense would Gut Seafood report en the Year 1 income staterrent? c. What arnount of accienulated depreciation would Gulf Seafood report on the December 31, Yoar 2, baiance sheet? d. Would the cash fiow from operating activities be aftected by depreciation in Year 1 ? Exercise 6-7A (Algo) Effect of depreciation on the accounting equation and financial statements LO 62 The following events apply to Gulf Seafood for the Year 1 fiscal year: 1. The company started when it acquired $17,000 cash by issuing common stock. 2. Purchased a new cooktop that cost $13,400 cash. 3. Earned $20,300 in cash revenue. 4. Paid $10,700 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 $2,600. Use straight-line depreciaton. The adjusting entry was made as of December 31, Year 1. Required a. Record the above transactions 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 roport on the December 31 , Year 2, balance sheet? d. Would the cash flow from operating activities be affected by depreciation in Year 1 ? Complete this question by entering your answers in the tabs below. Pecord the above transactions in a horizontal statements model. (th the Cash Flow column, indicate whether the item is an operating activity (OA), an investing activity (IA), a financing activity (FA), or net change in eash (NC). If the element is not affected by the event, leave the cell blank. Enter any decreases to account balances and Cash outflows with a minus sign. Not all cells will require entry.) Recoed the above transoctions in a horizontal statements model. (th the Cash Flow column, indicate whether the item is an operating activ ty (OA), am investing activicy (1A), a finaneing activity (FA), or net change in cash (NC). If the element is not acfected by the eventi, leave the cell blank. Enter any decreases to account balancens and eash outflows with a minus sign. Not all celis will require entry.). Required a. Pecoed the above trarsactions in a horizontal statements model. b. What amount of depreciation expense would Guir Seafood report on the Year 1 income statement? c. What amount of accumulated depreciation would Gulf Seafood repert on the December 31, Yoar 2, bolance sheet? d. Would the cash flow from eperating activies be affected by depreciation in Year 1 ? Complete this question by entering your answers in the tabs belew. b. What amount of depeciation expense would Gut Seafood report en the Year 1 income staterrent? c. What arnount of accienulated depreciation would Gulf Seafood report on the December 31, Yoar 2, baiance sheet? d. Would the cash fiow from operating activities be aftected by depreciation in Year 1