Grid Iron Prep Inc. (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 2. GIPl issued stock in exchange for $220,000 cash on 101 1. GIPI purchased a gymnasium building and gym equipment on 102 for $60.000, 80% of which related to the gymnasium and 20% to the equipment CGIPI paid $400 cash on 103 to have the gym equipment refurbished before it could be used GIPI collected $39,000 cash in training fees on 1910, of which $35.000 related to January and $4.000 related to February GIPI paid $21000 of wages and $10,500 in utilities on 130. 9. GIPI will depreciate the gymnasium building using the straight-line method over 10 years with a residual value of $3,500. 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 n. GIPI received a bill on 131 for $580 for advertising done on 1/31. The bill has not been paid or recorded GIPI uses the aging method for estimating doubtful accounts and, on 137, 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. General Statement of General Income Requirement Trial Balance Retained Journal Ledger Statement Balance Sheet Earnings Prepare journal entries to record the transactions and adjustments listed in (a)-0). Review the accounts as shown in the General Ledger and Trial Balance tabs. (If no entry a required for a transaction/event, select "No Soumal Entry Required the first account field. Round your final answers to the nearest whole dollar amount.) View transaction lit Journal entry worksheet 9 > GIPI issued stock in exchange for $220,000 cash on 1/01. Record the transaction. NoteEnter debits before credits General Journal Debit Credit Date Jan 01 Record entry Clear entry View general Journal Grid Iron Prep Inc. (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 $220,000 cash on 101. D. GIPI purchased a gymnasium building and gym equipment on 102 for $60,000, 80% of which related to the gymnasium and 20% to the equipment C. GIPI paid $400 cash on 103 to have the gym equipment refurbished before it could be used. d. GIPI provided $9,000 in training on 1/04 and expected collection in February e. GIPI collected $39,000 cash in training fees on 110, of which $35,000 related to January and $4,000 related to February EGIPI paid $21,000 of wages and $10,500 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 $3,500. 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 $580 for advertising done on 1/31. 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 Requirement Statement of Income Journal Ledger Trial Balance Statement Retained Balance Sheet Earnings 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 Earnings. (Round your final answers to the nearest whole dollar amount.) GRIDIRON PREP, INC Statement of Retained Earning For the Month Ended January 31 Balance, January 1 Balance, January 31 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. GIPl issued stock in exchange for $220,000 cash on 101. D. GIPI purchased a gymnasium building and gym equipment on 102 for $60,000, 80% of which related to the gymnasium and 20% to the equipment C. GIPI paid $400 cash on 1/03 to have the gym equipment refurbished before it could be used. d. GIPI provided $9,000 in training on 104 and expected collection in February. e. GIPI collected $39,000 cash in training fees on 110, of which $35,000 related to January and $4,000 related to February f. GIPI paid $21,000 of wages and $10,500 in utilities on 130. 9. GIPI will depreciate the gymnasium building using the straight-line method over 10 years with a residual value of $3,500. 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 131 equal to one-twelfth the yearly amount. h. GIPI received a bill on 131 for $580 for advertising done on 1/31. The bill has not been paid or recorded. 1. GIPl uses the aging method for estimating doubtful accounts and, on 1/31, will record an estimated 3 percent of its under-30-day-oid J. GIP's income tax rate is 30%. Assume depreciation for tax is the same amount as depreciation for financial reporting purposes. General Requirement General Income Statement of Journal Ledger Trial Balance Statement Retained Balance Sheet Earnings Use the dropdowns to select the accounts properly included on the balance sheet. However, you will need to enter the amount of the Accounts receivable (net of Allowance for Doubtful Accounts), Buildings, Equipment (net of Accumulated Depreciation). Common stock and Retained earnings. (Round your final answers to the nearest whole dollar amount.) GRIDIRON PREP INC Balance Sheet As of January 31