Grid Iron Prep Inc. (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 $280,000 cash on 1/01. b. GIPI purchased a gymnasium building and gym equipment on 1/02 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 1/04 and expected collection in February e GIPI collected $40,000 cash in training fees on 1/10, of which $35.000 related to January and $5,000 related to February GIPI paid $25,000 of wages and $6,500 in utilities on 1/30. g. 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 131 for $390 for advertising done on 1731. The bill has not been paid or recorded 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. GIPI's income tax rate is 30%. Assume depreciation for tax is the same amount as depreciation for financial reporting purposes. General General Income Statement of I GIP uses the aging method for estimating doubtful accounts and, on 1/31, will record an estimated 3 percent of its under 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 purp Requirement General Journal General Ledger Trial Balance Income Statement Statement of Retained Earnings Balance Sheet General Journal tab - Prepare journal entries to record the transactions and adjustments listed in (a)-(i). 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. Trial Balance tab - You may view the trial balance. Income Statement tab - Use the drop-down to select the accounts properly included on the income statement. Statement of Retained Earnings tab - Prepare the statement of retained earnings for the month ended January 31. Balance Sheet tab - Use the drop-down to select the accounts to properly included on the balance sheet. Requirement General Journal > Journal entry worksheet 3 4 5 6 7 8 9 10 GIPI issued stock in exchange for $280,000 cash on 1/01. Record the transaction. Note: Enter debits before credits. Date General Journal Debit Credit Jan 01 Prey 1 of 1 Next Journal entry worksheet 8 9 10 GIPI purchased a gymnasium building and gym equipment on 1/02 for $54,000, 80% of which related to the gymnasium and 20% to the equipment. Record the transaction. Note: Enter debits before credits. General Journal Debit Credit Jan 02 Prev 1 of 1 Journal entry worksheet 4 5 6 7 8 9 GIPI paid $500 cash on 1/03 to have the gym equipment refurbished before it could be used. Record the transaction. Note: Enter debits before credits. Date General Journal Jan 03 Debit Credit Prev 1 of 1 Nex Journal entry worksheet GIPI provided $8,000 in training on 1/04 and expected collection in February. Record the transaction. Note: Enter debits before credits. General Journal Date Jan 04 Debit Credit Becordent Conan Prey 1 of 1 Nex View transaction list Journal entry worksheet GIPI received a bill on 1/31 for $390 for advertising done on 1/31. The bill has not been paid or recorded. Record the transaction. Note: Enter debits before credits. Date General Journal Debit Credit Jan 31 Prey 1 of 1 Next Journal entry worksheet Choose the appropriate accounts to be reported on the income statement. However, you will need to calculate and enter th 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 Income before Income Tax Expense Trial Balance Statement of Retained Earnings > Prev 1 of 1 Ned General Requirement General Statement of Income Journal Trial Balance Ledger Statement Retained Earnings Prepare the statement of retained earnings for the month ended January 31. You will accounts and balances to prepare the Statement of Retained Earnings. (Round your fin amount.) GRID IRON PREP, INC Statement of Retained Earnings For the Month Ended January 31 Balance, January 1 Balance, January 31