Required Informetion 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 $14,500 cash. 3. Earned $22,700 in cash revenue. 4. Paid $10,600 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 adjustment was made as of December 31, Year 1. erclse 8-7A (Algo) Part a qulred: Record the above transactions in a horizontal statements model. te: In the Statement of Cash Flows column, use the Inltlals (OA), an Investing actlvlty (IA), a financlng octlvlty (FA) and net ange In cosh (NC). Enter any decreases to occount balances and cesh outflows with minus sign. Not all cells requlre Input
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