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  1. business
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  3. c. what is net income for year 1?, d. what amount

c. What is net income for year 1?, d. what amount of depreciation expense would...

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Accounting

imagec. What is net income for year 1?,

d. what amount of depreciation expense would gulf seafood report on the year 2 income statement?

e. What amount of accumulated depreciation would gulf seafood report on the december 31 year 2 balance sheet?

completed so far. It does not indicate completion. Return to question The following events apply to Gulf Seafood for the Year 1 fiscal year: 1. The company started when it acquired $37,000 cash by issuing common stock 2. Purchased a new cooktop that cost $14,500 cash. 3. Earned $17,700 in cash revenue. 4. Paid $14,900 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 five years and an estimated salvage value of $2,600. Use straight-line depreciation. The adjusting entry was made as of December 31, Year 1 Exercise 8-7A Part c c. What is the net income for Year 1? Answer is complete but not entirely correct. Net income 820

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