Assume that on January 1, 2016, Monster Steakhouse restaurant purchased a building, paying $57,000 cash and signing a $102,000 note payable. The restaurant paid another $63,000 to remodel the building. Furniture and fixtures cost $51,000, and dishes and supplies-a current asset-were obtained for $9,600. All expenditures were for cash. Assume that all of these expenditures occurred on January 1, 2016. Monster Steakhouse is depreciating the building over 25 years by the straight-line method, with estimated residual value of $56,000. The furniture and fixtures will be replaced at the end of five years and are being depreciated by the double-declining-balance method, with zero residual value. At the end of the first year, the restaurant still has dishes and supplies worth $1,400. Read the requirements Requirement 1. Show what the restaurant will report for supplies, plant assets, and cash flows at the end of the first year on its income statement, balance sheet, and statement of cash flows. Begin with the income statement. Income Statement Expenses: Now show what the restaurant will report on its balance sheet Balance Sheet Current assets: Plant assets: Less: Choose from any list or enter any number in the input fields and then continue to the next