Brick Oven Corporation made the following expenditures during the first month of operations:

Attorneys' fees to organize the corporation	$ 9,000
Purchase of a patent	40,000
Legal and other fees for transfer of the patent	2,500
Advertising	80,000
Total	$ 131,500

Required:

Determine the balance sheet and income statement of the $131,500 in cash expenditures.

Note: Amounts to be deducted should be indicated by a minus sign.