Gnd iron Prep incorporated (GIP)) is a service business incorporated in January of the current year to provide personal training for athletes aspiring to play college football. The following transactions occurred during the month ended January 31 . a. GIPI issued stock in exchange for $160,000 cash on 1/01. b. GIPI purchased a gymnastum bullding and gym equipment on 1/02 for $56,000,80% of which related to the gymnaslum and 20% ti the equipment c. GIPI paid $300 cash on 1/03 to have the gym equipment refurbished before it could be used. d. GIPI provided $10,000 in training on 1/04 and expected collection in February. e GIPI collected $42,000 cash in training fees on 1/10, of which $39,000 related to January and $3,000 related to February. f GIPI pald $29,500 of wages and $8.000 in utilities on 130 . 9 GIPI wil depreclate the gymnaslum building using the straight-line method over 10 years with a residual value of $5.000. Gym equipment will be depreclated using the double-deciling-balance method, with an estimated residual value of $4,500 at the end of its four-year useful tife Record depreciation on 1/31 equal to one-twelfth the yearly amount. h. GIPI recelved a bill on 1/31 for $670 for advertising done on 1/31. The bill has not been paid or recorded. 1. GIPI uses the aging method for estimating doubtrul accounts and, on 1/31, will record an estimated 3 percent of its under-30-day-old accounts as not collectible. 1. GIPI's income tax rate is 30%. Assume depreciation for tax is the same amount as depreciation for financial reporting purposes. Prepare journal entries to record the transactions and adjustments listed in (a) to (0). Review the accounts as shown in the General Ledger and Trial Balance tabs. (It no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field, Round your linal answers to the nearest whole dollar amount.) Grid Iron Prep incorporated (GIP) is a service business incorporated in January of the current year to provide personal training for athletes aspiring to play college football. The following transactions occurred during the month ended January 31. a. GIPI issued stock in exchange for $160,000 cash on 1/01. b. GIPl purchased a gymnaslum building and gym equipment on 1/02 for $56,000,80% of which related to the gymnaslum and 20% to the equipment. C. GIPI paid $300 cash on 1/03 to have the gym equipment refurbished before it could be used. d. GIPI provided $10,000 in training on 1/04 and expected collection in February. e. GIPI collected $42,000 cash in training fees on 1/10, of which $39,000 related to January and $3,000 related to February. f. GIPI paid $29,500 of wages and $8,000 in utilities on 1/30. g. GiPI will depreclate the gymnasium bullding using the straight-fine method over 10 years with a residual value of $5.000,6 ym equipment will be deprectated 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 recelved a bill on 1/31 for $670 for advertising done on 1/31. The bill has not been paid or recorded. L. GIPT 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 collectiole: JGIPis income tax rate is 30%. Assume depreciation for tax is the same amount as depreciation for financial reporting puiposes. Use the dropdowns to select 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.) Gild lron Prep incorporated (GIPI) Is a service business incorporated in January of the current year to provide personal training for athletes aspiring to play college football. The following transactions occurred during the month ended January 31. a. GIPI issued stock in exchange for $160,000 cash on 1 if 01 . b. GIPI purchased a gymnaslum bullding and gym equipment on 1/02 for $56,000,80% of which related to the gymnaslum and 20% to the equipment. c. GIPI paid $300 cash on 1/03 to have the gym equipment refurbished before it could be used. d. GIPI provided $10,000 in training on 1/04 and expected collection in February e. GiPI collected $42,000 cash in training fees on 1110 , of which $39,000 related to January and $3,000 related to February. t. GIPI paid $29,500 of wages and $8,000 in utilities on 1/30. g. GIPI will depreciate the gymnasium butiding using the stralght-ine method over 10 years with a residual value of $5,000. Gym equipment will be depreclated using the double-deciring-balance method, with an estimated residual value of $4,500 at the end of Its four-year useful iffe Record depreciation on 1/31 equal to one-tweifth the yearly amount. h. GiPi recelved a bill on 1/31 for $670 for advertising done on 1/31. The bill has not been paid or recorded. 1. GlRi 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. f. GlPl's income tax rate is 30%. Assume depreclation for tax is the same amount as depreclation for financial reporting purposes. Prepare the statement of retained earnings for the month ended January 31. You will need to determine and enter the accounts and balances to prepare the Statement of Retained Eamings. (Round your final answers to the nearest whole dollar. amount.) GIPI will depreclate the gymnastum bullding using the straight-line method over 10 years with a residual value of $5.000. Gym equipment will be depreclated using the double-declining-balance method, with an estimated residual value of $4,500 at the end of Its four-year useful ife. Record depreclation on 1/31 equal to one-tweift the yearly amount. h. GIPl received a bell on 1/31 for $670 for advertising done on 1/31. The bili 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 1. GIPI's income tax rate 1530% Assume depreciation for tax is the same amount as depreciation for financial reporting purposes. Use the dropdowns to select the appropriate accounts to be reported on the balance sheet. However, you will need to enter the amount for Accounts Receivable (net of Allowance for Doubtful Accounts), Buildings and Equipment (net of Accumulated Depreciation), Common Stock, and Retained Earnings. (Round your final answers to the nearest whole dollar amount.) Gnd iron Prep incorporated (GIP)) is a service business incorporated in January of the current year to provide personal training for athletes aspiring to play college football. The following transactions occurred during the month ended January 31 . a. GIPI issued stock in exchange for $160,000 cash on 1/01. b. GIPI purchased a gymnastum bullding and gym equipment on 1/02 for $56,000,80% of which related to the gymnaslum and 20% ti the equipment c. GIPI paid $300 cash on 1/03 to have the gym equipment refurbished before it could be used. d. GIPI provided $10,000 in training on 1/04 and expected collection in February. e GIPI collected $42,000 cash in training fees on 1/10, of which $39,000 related to January and $3,000 related to February. f GIPI pald $29,500 of wages and $8.000 in utilities on 130 . 9 GIPI wil depreclate the gymnaslum building using the straight-line method over 10 years with a residual value of $5.000. Gym equipment will be depreclated using the double-deciling-balance method, with an estimated residual value of $4,500 at the end of its four-year useful tife Record depreciation on 1/31 equal to one-twelfth the yearly amount. h. GIPI recelved a bill on 1/31 for $670 for advertising done on 1/31. The bill has not been paid or recorded. 1. GIPI uses the aging method for estimating doubtrul accounts and, on 1/31, will record an estimated 3 percent of its under-30-day-old accounts as not collectible. 1. GIPI's income tax rate is 30%. Assume depreciation for tax is the same amount as depreciation for financial reporting purposes. Prepare journal entries to record the transactions and adjustments listed in (a) to (0). Review the accounts as shown in the General Ledger and Trial Balance tabs. (It no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field, Round your linal answers to the nearest whole dollar amount.) Grid Iron Prep incorporated (GIP) is a service business incorporated in January of the current year to provide personal training for athletes aspiring to play college football. The following transactions occurred during the month ended January 31. a. GIPI issued stock in exchange for $160,000 cash on 1/01. b. GIPl purchased a gymnaslum building and gym equipment on 1/02 for $56,000,80% of which related to the gymnaslum and 20% to the equipment. C. GIPI paid $300 cash on 1/03 to have the gym equipment refurbished before it could be used. d. GIPI provided $10,000 in training on 1/04 and expected collection in February. e. GIPI collected $42,000 cash in training fees on 1/10, of which $39,000 related to January and $3,000 related to February. f. GIPI paid $29,500 of wages and $8,000 in utilities on 1/30. g. GiPI will depreclate the gymnasium bullding using the straight-fine method over 10 years with a residual value of $5.000,6 ym equipment will be deprectated 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 recelved a bill on 1/31 for $670 for advertising done on 1/31. The bill has not been paid or recorded. L. GIPT 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 collectiole: JGIPis income tax rate is 30%. Assume depreciation for tax is the same amount as depreciation for financial reporting puiposes. Use the dropdowns to select 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.) Gild lron Prep incorporated (GIPI) Is a service business incorporated in January of the current year to provide personal training for athletes aspiring to play college football. The following transactions occurred during the month ended January 31. a. GIPI issued stock in exchange for $160,000 cash on 1 if 01 . b. GIPI purchased a gymnaslum bullding and gym equipment on 1/02 for $56,000,80% of which related to the gymnaslum and 20% to the equipment. c. GIPI paid $300 cash on 1/03 to have the gym equipment refurbished before it could be used. d. GIPI provided $10,000 in training on 1/04 and expected collection in February e. GiPI collected $42,000 cash in training fees on 1110 , of which $39,000 related to January and $3,000 related to February. t. GIPI paid $29,500 of wages and $8,000 in utilities on 1/30. g. GIPI will depreciate the gymnasium butiding using the stralght-ine method over 10 years with a residual value of $5,000. Gym equipment will be depreclated using the double-deciring-balance method, with an estimated residual value of $4,500 at the end of Its four-year useful iffe Record depreciation on 1/31 equal to one-tweifth the yearly amount. h. GiPi recelved a bill on 1/31 for $670 for advertising done on 1/31. The bill has not been paid or recorded. 1. GlRi 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. f. GlPl's income tax rate is 30%. Assume depreclation for tax is the same amount as depreclation for financial reporting purposes. Prepare the statement of retained earnings for the month ended January 31. You will need to determine and enter the accounts and balances to prepare the Statement of Retained Eamings. (Round your final answers to the nearest whole dollar. amount.) GIPI will depreclate the gymnastum bullding using the straight-line method over 10 years with a residual value of $5.000. Gym equipment will be depreclated using the double-declining-balance method, with an estimated residual value of $4,500 at the end of Its four-year useful ife. Record depreclation on 1/31 equal to one-tweift the yearly amount. h. GIPl received a bell on 1/31 for $670 for advertising done on 1/31. The bili 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 1. GIPI's income tax rate 1530% Assume depreciation for tax is the same amount as depreciation for financial reporting purposes. Use the dropdowns to select the appropriate accounts to be reported on the balance sheet. However, you will need to enter the amount for Accounts Receivable (net of Allowance for Doubtful Accounts), Buildings and Equipment (net of Accumulated Depreciation), Common Stock, and Retained Earnings. (Round your final answers to the nearest whole dollar amount.)