On January 1 2018. Absolutely Bar & Grill purchased a building, paying 551,000 cash and signing a 100,000 note payable. The company paid another 560.000 to remodel the bulding Furniture and fixtures cost $60,000, and dishes and supplies-- a current asset-were obtained for 59,900 All expenditures were for cash Assume that all of these expenditures occurred on January 1, 2018 Click the icon to view depreciation Information) Read the requirements Requirement 1. Show what the company will report for supplies, plant assets and cash flows at the end of the year on its income statement balance sheet and statement of cash flow Begin with the income statement Income Statement Expenses Depreciation expense building Supplies expense Now show what the company will report on its balance sheet Balance Sheet Current assos 10 Plant assets Less 10 Less T 10 Finally, show what to report on the statement of cash flows (investing only) (Use a minus signor parenthes for cashow Statement of Cash Flows nts Cash Flow Brom investing Activities On January 1, 2018 Absolutely Bar & Grill purchased a building, paying $51,000 cash and signing a $103,000 note payable. The company paid another 560 000 to remodel the building Furniture and fixtures cost $60,000, and dishes and supplies--a current assetwere obtained for $9.900 All expenditure were for cash Assume that all of these expenditures occurred on January 1, 2018 Click the icon to view depreciation information) Read the requirements 5 Modul Tools Requirement 1. Show what the company 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 Depreciation expense - building Depreciation expense furniture and factures Supplies expense Now show what the company will report on its balance sheet Balance Sheet Current assets Supplies 9900 plant assets Building Less Accumulated depreciation Fun and textures 60000 Los Accumulated depreciation Foally show what to report on the statement of cash flows (investing only (Due a sign or parentheses for cash outflows) Suntement of Cash Flows Cash Flows from investing Active Purchase of use and fres 60000 Purchase of buildings 51000 More info Absolutely is depreciating the building over 25 years using the straight-line method with 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 $1,900 Print Done