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.

1. GIPI issued stock in exchange for $290,000 cash on 1/01.
2. GIPI purchased a gymnasium building and gym equipment on 1/02 for $53,000, 80% of which related to the gymnasium and 20% to the equipment.
3. GIPI paid $600 cash on 1/03 to have the gym equipment refurbished before it could be used.
4. GIPI provided $9,000 in training on 1/04 and expected collection in February.
5. GIPI collected $39,000 cash in training fees on 1/10, of which $33,000 related to January and $6,000 related to February.
6. GIPI paid $24,000 of wages and $7,000 in utilities on 1/30.
7. GIPI will depreciate the gymnasium building using the straight-line method over 10 years with a residual value of $3,000. 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.
8. GIPI received a bill on 1/31 for $290 for advertising done on 1/31. The bill has not been paid or recorded.
9. 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.
10. GIPIs income tax rate is 30%. Assume depreciation for tax is the same amount as depreciation for financial reporting purposes.

Please explain how to calculate and enter the journal entries along with the balances on the income statement, statement of retained earnings and balance sheet

Statement of General General Income Requirement Trial Balance Retained Balance Sheet Journal Statement Ledger Earnings Prepare journal entries to record the transactions and adjustments listed in (a)-(). Review the accounts as shown in the General Ledger and Trial Balance tabs. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Round your final answers to the nearest whole dollar amount.) View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 Jan 01 290,000 Cash Common Stock 290,000 2 Jan 02 43,200 Buildings Equipment Cash 10,800 54,000 3 Jan 03 600 Equipment Cash 600 4 Jan 04 9,000 Accounts Receivable Service Revenue 9,000 5 Jan 10 Cash 39,000 Ea Choose the appropriate accounts to be reported on the income statement. H amount of the Income before Income Tax Expense and net income or loss fo nearest whole dollar amount.) GRID IRON PREP INC. Income Statement For the Month Ended January 31 Revenue Service Revenue $ 42,000 0 24,000 7,000 Expenses Salaries and Wages Expense Utilities Expense Depreciation Expense Advertising Expense Bad Debt Expense 666 290 270 0 $ 32,226 Total Expenses Income before Income Tax Expense Income Tax Expense 9,630 2,766 Net Income Requirement General Journal General Ledger Trial Balance Income Statement Statement of Retained Earnings Balance Sheet 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.) GRID IRON PREP, INC Statement of Retained Earnings For the Month Ended January 31 Balance, January 1 Net Income Less: Dividends Balance, January 31 0 6,930 0 6,930 Income Statement Balance Sheet GRID IRON PREP INC. Balance Sheet As of January 31 Assets Current Assets Cash 243,400 Total Current Assets 243,400 11,400 Equipment Buildings Total Assets 43,200 298,000 $ Liabilities Current Liabilities Accounts Payable 290 Deferred Revenue Income Tax Payable 6,000 2,766 9,056 Total Current Liabilities $ Stockholder's Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 290,000 6,930 296,930 305,986 Statement of General General Income Requirement Trial Balance Retained Balance Sheet Journal Statement Ledger Earnings Prepare journal entries to record the transactions and adjustments listed in (a)-(). Review the accounts as shown in the General Ledger and Trial Balance tabs. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Round your final answers to the nearest whole dollar amount.) View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 Jan 01 290,000 Cash Common Stock 290,000 2 Jan 02 43,200 Buildings Equipment Cash 10,800 54,000 3 Jan 03 600 Equipment Cash 600 4 Jan 04 9,000 Accounts Receivable Service Revenue 9,000 5 Jan 10 Cash 39,000 Ea Choose the appropriate accounts to be reported on the income statement. H amount of the Income before Income Tax Expense and net income or loss fo nearest whole dollar amount.) GRID IRON PREP INC. Income Statement For the Month Ended January 31 Revenue Service Revenue $ 42,000 0 24,000 7,000 Expenses Salaries and Wages Expense Utilities Expense Depreciation Expense Advertising Expense Bad Debt Expense 666 290 270 0 $ 32,226 Total Expenses Income before Income Tax Expense Income Tax Expense 9,630 2,766 Net Income Requirement General Journal General Ledger Trial Balance Income Statement Statement of Retained Earnings Balance Sheet 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.) GRID IRON PREP, INC Statement of Retained Earnings For the Month Ended January 31 Balance, January 1 Net Income Less: Dividends Balance, January 31 0 6,930 0 6,930 Income Statement Balance Sheet GRID IRON PREP INC. Balance Sheet As of January 31 Assets Current Assets Cash 243,400 Total Current Assets 243,400 11,400 Equipment Buildings Total Assets 43,200 298,000 $ Liabilities Current Liabilities Accounts Payable 290 Deferred Revenue Income Tax Payable 6,000 2,766 9,056 Total Current Liabilities $ Stockholder's Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 290,000 6,930 296,930 305,986