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a. GIPI issued stock in exchange for $180,000 cash on 1/01. b. GIPI purchased a gymnasium building and gym equipment on 1702 for $56,000, 80%
a. GIPI issued stock in exchange for $180,000 cash on 1/01. b. GIPI purchased a gymnasium building and gym equipment on 1702 for $56,000, 80% of which related to the gymnasium and 20% to the equipment. C. GIPI paid $500 cash on 1/03 to have the gym equipment refurbished before it could be used. d. GIPI provided $5,000 in training on 1704 and expected collection in February. e GIPI collected $44,000 cash in training fees on 1/10, of which $39,000 related to January and $5,000 related to February f. GIPI paid $25,000 of wages and $8,500 in utilities on 1/30. 9. GIPI will depreciate the gymnasium building using the straight-line method over 10 years with a residual value of $6,000. Gym equipment will be depreciated using the double-declining balance method, with an estimated residual value of $2,500 at the end of its four-year useful life. Record depreciation on 1/31 equal to one-twelfth the yearly amount. h. GIPI received a bill on 1/31 for $120 for advertising done on 1/31. The bill has not been paid or recorded. 1. GIPI uses the aging method for estimating doubtful accounts and, on 1/31, will record an estimated 3 percent of its under-30-day-old accounts as not collectible. j. GIPI's income tax rate is 30%. Assume depreciation for tax is the same amount as depreciation for financial reporting purposes. General General Statement of Requirement Income Journal Ledger Trial Balance Statement Retained Balance Sheet Earnings Prepare journal entries to record the transactions and adjustments listed in (a)-6). Review the accounts as shown in th and Trial Balance tabs. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first acc your final answers to the nearest whole dollar amount.) View transaction list Journal entry worksheet GIPI's income tax rate is 30%. Assume depreciation for tax is the same amount as depreciation for financial reporting purposes. Record the transaction
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