On January 1, 2018, Monster Bar & Grill purchased a building, paying $55,000 cash and signing a $102,000 note payable. The company paid another $61,000 to remodel the building. Furniture and fixtures cost $50,000, and dishes and supplies-a current asset-were obtained for $8,700. All 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 first year on its income statement, balance sheet, and statement of cash flows. Begin with the income statement. Income Statement Expenses: More info Now show what the company will report on its balance sheet. Balance Sheet Current assets: Plant assets: Less: Less: Finally, show what to report on the statement of cash flows (investing only). (Use a minus sign or parentheses for cash outflows.) Statement of Cash Flows Cash Flows from Investing Activities: Monster is depreciating the building over 25 years using the straight-line method, with estimated residual value of $52,000. 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 $1,700. Print Done