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a. GIPI issued stock in exchange for $280,000 cash on 101. b. GIPI purchased a gymnasium building and gym equipment on 102 for $54,000, 80%

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a. GIPI issued stock in exchange for $280,000 cash on 101. b. GIPI purchased a gymnasium building and gym equipment on 102 for $54,000, 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 $8,000 in training on 104 and expected collection in February e. GIPI collected $40,000 cash in training fees on V10, of which $35,000 related to January and $5,000 related to February EGIPI paid $25,000 of wages and $6,500 in utilities on V30. 9. GIPI will depreciate the gymnasium building using the straight-line method over 10 years with a residual value of $2,000. Gym equipment will be depreciated using the double-declining balance method, with an estimated residual value of $4,500 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 $390 for advertising done on 131 The bill has not been paid or recorded. I GIPI uses the aging method for estimating doubtful accounts and, on 131, 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. Requirement General Journal General Ledger Trial Balance Income Statement Statement of Retained Earnings Balance Sheet Choose the appropriate accounts to be reported on the income statement. However, you will need to calculate and enter the amount of the Income before Income Tax Expense and net income or loss for the period. (Round your final answers to the nearest whole dollar amount.) GRID IRON PREP INC. Income Statement For the Month Ended January 31 Revenue Service Revenue P

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