The following events apply to Gulf Seafood for the 2016 fiscal year: 1. The company started when it acquired $60,000 cash by issuing common stock. 2.Purchased a new cooktop that cost $40,000 cash. 3.Earned $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, 2016. the cooktop has an expected useful life of four years and an estimated salvage value of $4,000. Use straight-line depreciation. The adjusting entry was made as of December 31, 2016. b. Prepare a balance sheet and a statement of cash flows for the 2016 accounting period. (Amounts to be deducted should be indicated by a minus sign.) GULF SEAFOOD Statement of Cash Flows For the Year Ended December 31, 2016 \begin{tabular}{|c|c|c|} \hline \multicolumn{3}{|l|}{ Cash Flows From Operating Activities. } \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline Net Cash Flow from Operating Activities & & \\ \hline Cash Flows From Investing Activitie & & \\ \hline & & \\ \hline & & \\ \hline Net Cash Flow from Investing Activities & & \\ \hline Cash Flows From Financing Activities. & & \\ \hline & & \\ \hline & & \\ \hline Net Cash Flow from Financing Activities & & \\ \hline Net change in cash & & 32 \\ \hline & & \\ \hline Ending Cash Balance & & \\ \hline \end{tabular}