Cave Help Save 6 Exit Submit Check my work 5 0 Part 3 of Required information The following information applies to the questions displayed below) The following events apply to Gulf Seafood for the Year fiscal year 1 point spoed 1. The company started when it acquired 560.000 cash by issuing common stock 2. Purchased a new cooktop that cost $40,000 cash 3. Eamed $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, Yeart the cooktop has an expected useful life of four years and an estimated salvege value of 54000. Use straight line depreciation. The adjusting entry was made as of December 31 Yeart c. What is the net income for Year 12 Net Income MC Graw