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Required information Exercise 8-7A (Algo) Effect of depreciation on the accounting equation and financial statements LO 8-2 [The following information applies to the questions displayed below.) 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 $13,200 cash. 3. Earned $23,400 in cash revenue. 4. Paid $11,300 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 $2,000. Use straight-line depreciation. The adjustment was made as of December 31, Year 1 Exercise 8-7A (Algo) Part a Exercise 8-7A (Algo) Parta Required a. Record the above transactions in a horizontal statements model. (In the Statement of Cash Flows column, use the initials (OA), an investing activity (IA), a financing activity (FA) and net change in cash (NC). Enter any decreases to account balances and cash outflows with a minus sign. Not all cells require input.) Income Statement Event Statement of Cash Flows Expense Net Income 1. 2 3. GULF SEAFOOD Horizontal Statements Model Balance Sheet Assets Stockholder's Equity Cash Equipment Common Retained Revenue (BV) Stock Earning 17,000 - 17.000 (13.200) - 13.2001 23,400 (11.300) + (2.800) 15,000 10:400- 17.000 . 4 5 Bal