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Record the previous transactions in a horizontal statementa model. Also, in the Statement of Cash Flows column, classify the cash flows as operating activities (OA), investing activitios (tA), or finanding activition (FA) The following events apply to Gulf Seafood for the Year 1 fiscal year: 1. The company started when it acquired $18,000 cash by issulng common stock: 2. Purchased a new cooktop that cost $16,600 cash. 3. Earned $21,500 in cash revenue 4. Paid $12,500 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 $2,900. Use straight-line depreciation, The adjusting entry was made as of December 31, Year 1. Required 0. 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 report 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. 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

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