3 didfferent questions

Grid Iron Prep Incorporated (GIP) is a service business incorporated in January of the current year to provide personal training for athibtes aspiring to play college football. The following transactions occurred during the month ended January 31. a. GiPi issued stock in exchange for $110,000 cash on 1/01. b. GIPI purchased a gymnaslum building and gym equipment on 1/02 for $51,000,80% of which related to the gymnasium and 20% to the equipment. c. GiPI paid $300 cash on v03 to have the gym equipment refurbished before it could be used. d. GIPI provided $5,000 in training on 104 and expected collection in February. e. GIP collected $37,000 cash in training fees on 140 , of which $34,500 related to January and $2,500 related to February. 1. GIPI paid $23,500 of wages and $6,000 in utitities on 1/30. 9. GiPl will depreciate the gymnasium building using the straight-line method over 10 years with a rekidual value of $2,500. Gym equipment wal bo depreciated ising the double declining balance method, with an estimated residual value of $2,000 at the end of its four-year useful life. Record depreciation on 1/31 equal to one-twelfth the yearly amount. h. GIPI recelved a bili on 1/31 for $170 for advertising done on 1/31. The bill has not been paid or recorded. LGPI uses the oging method for estimating doubtful accounts and, on 1/31, will record an estimated 3 percent of its under-30-day-oid accounts as not collectible. L. Giprs income tax rate is 30%. Assume depreciation for tax is the same amount as depreciation for financial reporting purposes. General Journal tab - Prepare joumalientries to record the transactions and adjustments listed in (a) to (a). Review the accounts as shown in the General Ledger and Trial Balance tabs. General Ledger tab - Each journal entry is posted automatically to the general ledger. Triar Dalance tab - You may view the adjusted trial balonce. Theomid Statement tab - Prepare the income statement for the month ended January 31. Statement of Retalned carnings tab- Prepsre the statement of retained earnings for the month ended January 31. Balence Sheet tab- Prepare the balance sheet as of January 31 . The following transactions and adjusting entries were completed by a paper-packaging company called Gravure Graphics International. The company uses straight-line depreciation for trucks and other vehicles, double-declining-balance depreciation for bulings, and straight-ine amortization for patents. Jananry 2, 2020 paid 593,000 cash to purchase storage ahed components. Janasy 3, 2020 Paid $4,000 cosh to have the ntorage shed erected. The stocage shed has an estimated 11 te of 10 years and a residani value of $7,000. April 1, 2020 Paid $36,000 cash to purehase i pickap truck for use in the business. The truck hos an estimated useful iffe of five years and a residual value of $5,000, This vebicie is to be recorded in the Truck account. May 13, 2020 Poid $400 ennh for minor repairs to the pickup truck'ts upholstery. July 1, 2020 pard $22,000 cash to purchase patent rights on a new paper bag manufacturing procesis, The patent is natinated to have a renaining aseful ilfe of five yeara. Decenber 31, 2020 Recorded depreciation and anortization on the pickup truck, storage shed, and patent. Juse 30,2021 sold the plekup truck for $3 th 000 cash. (Fecord the depreciation on the truck prior to recording it disposal.) gecenber 31, 2021 Recorded depreoiation on the storage shed. Pecorded the patent anortization. After recording the patent anortization, deternined that the patent wai impaired and wrote off its remaining book value (1.e., wrote down the book value to zero). Required: Prepare the journal entries required on each of the above dates. (If no entry is required for a transaction/event, select "No Journal Entry froqufred" in the first account field. Do not round intermediate calculations.) Required information [The fallowing information applies to the questions displayed below.] At the beginning of the year, Maroon Industries bought three used machines. The machines immediately were overhauled, were installed, and started operating. Because the machines were different, each was recorded separately in the accounts. Details for Machine A are provided below. Required: 1. Compute the amount to be capitalized for Machine A