chapter 7

need help!!

On January 1, 2021, Early Bird Bar & Grill purchased a building, 551,000 cash and signing a $102,000 role payable. The company paid another 06.000 remodel the busing Pumund dohes and supples current were obtained for $8.00. Aprendren were forch Assume that all of these pendurados y 1, 2021 (Click the loon to view depreciation Information) Read the Requirement 1. Show what the company will report tar upplies, parts and shows at the end of the first year on it come mentalecer and bent of cowhow Begin with the income tant. Espen Amarahan Clear all R. - X More info Early Bird is depreciating the building over 25 years using the straight-line method, with an estimated residual value of $50,000. The furniture and fixtures will be replaced at the end of five years and are being depreciated using the double-declining-balance method, with a residual value of zero. At the end of the first year, the company still had dishes and supplies worth $1,600. Print Done Requirements 1. Show what the company reported 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 (investing only). Note: The purchase of dishes and supplies is an operating cash flow because supplies are a current asset. Print Done