Grid Iron Prep Incoeporated (GtPh) is a service business incorporated in January of the current year to provide personal training for athletes aspling to pisy college footbalt The following transactions occured during the month ended January 31 a. GIP issued stock in exchange for 5H0.000 cash on vot. a. GIPl purchased a gymnasium building and 9ym equipment on 102 for $51000,80 s of which related to the gymnasium and 20% to the equipment. c. GlPi paid $300 cash on 103 to have the gym equipment refurblshed before it could be used. d GlPi provided $5.000 in training on 104 and expected colection in February e. Gipl collected $37,000 cash in training fees on 1/0, of which $34,500 related to lanuary and $2,500 related to February f. GiP paid 523.500 of wages and $6,000 in utaties on 130 . 9 GIP we depreciste the Gymnasium buliding using the straight-line method over 10 years with a fesidual value of $2,500. 6 ym equipment will be depeeciated using the deuble-declining-balance method, with an estlmated residual value of 52.000 at the end of its four-year useful life. Alecord depreciation on 1/31 equal to onetweith the yearly amount. h. GIPI recehed a bill on V31 for 5170 for adventising done on W31. The biti has net been paid ar recorded 1. Gipl uses the aging method for estimating doubtlul accounts and, on 1/31, will recerd an estimated 3 percent of its under-30-day-old accounts as not collectble. Gipfs income tax fate is 30s. Assume depreclation for tax is the same amount as depecelation for financial reporting purposes. Frepere joumal entries to record the transactions and adjustments listed in (a) to (1). Meview the accounts as shown in the General Ledger and Trial Bolance tabs. (If no Grid Iron Prep incorporaled (Gia) is a service business incorporated in January of the current year to provide personai training for athietes aspiring to play colfege football.The following vansactions occurted during the month ended January 31. a. GIPI issued stock in exchange for $110,000 cash on thit. b. GiPI purchased a gymnaslum building and gym equipment on vo2 for $51,000,80% of which related to the 9y masitum and 2005 to the equipment. c. MPI paid $300 cash on 1/03 to have the gym equipment refurbiahed before it could be used. a. GiPl provided $5.000 in training on ti04 and expected collection in Februsry. e. GIPl collected $37,000 cash in training fees on Who, of which $34,500 related to January and $2,500 related to February. C. SiP paid $23,500 of wages and $6,000 in utilties on 1/30 a. Gip wil depreciate the gymnaslum bulding using the straight-hine method over 10 years with a residual value of $2,500. Gym equlpenent wal be depreciated using the doublo-declining-balance method, with an estimbted residual value of 52,000 at the end of its fouryeat uscful life. Record depreciation on 1/31 equal to onetweith the yearly amount h. GPPi recelved a bill on 131 for $130 for advertising done on 131 . The bit has not been paid or recorded. 1. GIPI uses the aging method for estimating doubtful accounts and, on 1/31, Wil record an estimated 3 percent of its under-30-day-old accounts as not collectible. G. GPP's income tax rate is 30%. Assume depreciation for tax is the same amount as depreciation for financial reporting purposes The option you choose will be the values vied to populate the income statement and balance sheet tabs. Gipl purchased a Gymnaslum bulding and gym equipment on w02 for $51,000,80% of which related to the gymnasium and 2085 to the equpment. GIPl paid $300 cash on 103 to have the gym equpment refurbished before it could be used. d. GiPl provided 55,000 in trairing on 104 and expected collection in February. C. GIP collected $37,000 cash in training fees on U$0, of which $34,500 related to January and $2,500 related to February, f. cirl paid $23,500 of wages and $6,000 in utlities on 1/30. 9. GlPa wal depreciate the gymnasium building using the straight-line method over 10 years with a residual value of 52.500 . Gym equipment will be depreclated using the double-declining balance method, with an estimated residual value of $2.000 at the end of its four-yoar useful life. Record depreciation on 131 equal to onetweifth the yearly amount. h. GiPI received a bil on W31 for $170 for advertising done on 131 . The bal has not been paid or recorded. h. GiPl received a bus the aging method for estimating doubthul accounts and, on 1/31, will record an estimated 3 percent of its under-30-doy-old accounts as not collectible. Gipis income tax rate is 30%. Assume depreciation for tax is the same amount as depreciation for financial reporting purposes. Use the dropdowns to select the appropriate accounts to be neported on the income statement. Howerer, you will need to calculate and enter the amount. of the Income before lncome tex Expense and net income or loss for the period. (Hound your final answers to the neasest whole dollar ansount.) Grid Iron Prep incorporated (GiPv) is a service business incorporated in January of the current year to provide personal training for athietes aspiring to play colege football. The following transactions occurred during the month ended January 31. 3. GiPI issued stock in exchange for $110.000 cash on 101 b. GiPI purchased a gymnashum building and gym equipment on vo2 for $51,000,80% of which related to the gymnasium and 20% to the equigment. c. GIPl paid $300 cash on 1103 to have the gym equipment refurbished before it could be used: d. GIPI provided $5.000 in training on 104 and expected collection in February. a. GiPI collected $37,000 cash in training fees on 1710 , of which $34,500 related to January and $2,500 related to February. G. GiPI paid $23,500 of wages and $6,000 in utilties on 1/30. g. Glpi will depreciate the gymnashim building using the straight-line method over 10 years with a residual value of $2.500. Gym equipment will be depreciated using the double-declining-balance method, with an estimated residual value of $2.000 at the end of its four-year useful life. Record depreciation on 1/31 equal to onetweifth the yearly amount h. GIPI recelved a bill on 1/31 for $170 for advertising done on 1/31. The bill has not been paid or recorded. 4. 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 collectiale. GIPl's income tax fate is 30%. Assume depreciation for tax is the same amount as depreciation for financial reporting purposes. Preoare the statement of retained eamings for the month ended January 31. You will need to determine and enter the acceunts and balances to prepare the Statement of Retained Eamings. (Round your final answers to the nearest whole dollar amount.) Use the dropdowns to select the appropriate accounts to be reported on the balance sheet. However, you will necd to enter the ameunt for Accounts Recelvable (nek of Allowance for Doubtful Accounts). Buildings and Equiprment (net of Accumulated Depreciatien), Common Stock, and Retained Earmings. (Round rour final answers to the nearest whole Gallar amount) Grid Iron Prep Incoeporated (GtPh) is a service business incorporated in January of the current year to provide personal training for athletes aspling to pisy college footbalt The following transactions occured during the month ended January 31 a. GIP issued stock in exchange for 5H0.000 cash on vot. a. GIPl purchased a gymnasium building and 9ym equipment on 102 for $51000,80 s of which related to the gymnasium and 20% to the equipment. c. GlPi paid $300 cash on 103 to have the gym equipment refurblshed before it could be used. d GlPi provided $5.000 in training on 104 and expected colection in February e. Gipl collected $37,000 cash in training fees on 1/0, of which $34,500 related to lanuary and $2,500 related to February f. GiP paid 523.500 of wages and $6,000 in utaties on 130 . 9 GIP we depreciste the Gymnasium buliding using the straight-line method over 10 years with a fesidual value of $2,500. 6 ym equipment will be depeeciated using the deuble-declining-balance method, with an estlmated residual value of 52.000 at the end of its four-year useful life. Alecord depreciation on 1/31 equal to onetweith the yearly amount. h. GIPI recehed a bill on V31 for 5170 for adventising done on W31. The biti has net been paid ar recorded 1. Gipl uses the aging method for estimating doubtlul accounts and, on 1/31, will recerd an estimated 3 percent of its under-30-day-old accounts as not collectble. Gipfs income tax fate is 30s. Assume depreclation for tax is the same amount as depecelation for financial reporting purposes. Frepere joumal entries to record the transactions and adjustments listed in (a) to (1). Meview the accounts as shown in the General Ledger and Trial Bolance tabs. (If no Grid Iron Prep incorporaled (Gia) is a service business incorporated in January of the current year to provide personai training for athietes aspiring to play colfege football.The following vansactions occurted during the month ended January 31. a. GIPI issued stock in exchange for $110,000 cash on thit. b. GiPI purchased a gymnaslum building and gym equipment on vo2 for $51,000,80% of which related to the 9y masitum and 2005 to the equipment. c. MPI paid $300 cash on 1/03 to have the gym equipment refurbiahed before it could be used. a. GiPl provided $5.000 in training on ti04 and expected collection in Februsry. e. GIPl collected $37,000 cash in training fees on Who, of which $34,500 related to January and $2,500 related to February. C. SiP paid $23,500 of wages and $6,000 in utilties on 1/30 a. Gip wil depreciate the gymnaslum bulding using the straight-hine method over 10 years with a residual value of $2,500. Gym equlpenent wal be depreciated using the doublo-declining-balance method, with an estimbted residual value of 52,000 at the end of its fouryeat uscful life. Record depreciation on 1/31 equal to onetweith the yearly amount h. GPPi recelved a bill on 131 for $130 for advertising done on 131 . The bit has not been paid or recorded. 1. GIPI uses the aging method for estimating doubtful accounts and, on 1/31, Wil record an estimated 3 percent of its under-30-day-old accounts as not collectible. G. GPP's income tax rate is 30%. Assume depreciation for tax is the same amount as depreciation for financial reporting purposes The option you choose will be the values vied to populate the income statement and balance sheet tabs. Gipl purchased a Gymnaslum bulding and gym equipment on w02 for $51,000,80% of which related to the gymnasium and 2085 to the equpment. GIPl paid $300 cash on 103 to have the gym equpment refurbished before it could be used. d. GiPl provided 55,000 in trairing on 104 and expected collection in February. C. GIP collected $37,000 cash in training fees on U$0, of which $34,500 related to January and $2,500 related to February, f. cirl paid $23,500 of wages and $6,000 in utlities on 1/30. 9. GlPa wal depreciate the gymnasium building using the straight-line method over 10 years with a residual value of 52.500 . Gym equipment will be depreclated using the double-declining balance method, with an estimated residual value of $2.000 at the end of its four-yoar useful life. Record depreciation on 131 equal to onetweifth the yearly amount. h. GiPI received a bil on W31 for $170 for advertising done on 131 . The bal has not been paid or recorded. h. GiPl received a bus the aging method for estimating doubthul accounts and, on 1/31, will record an estimated 3 percent of its under-30-doy-old accounts as not collectible. Gipis income tax rate is 30%. Assume depreciation for tax is the same amount as depreciation for financial reporting purposes. Use the dropdowns to select the appropriate accounts to be neported on the income statement. Howerer, you will need to calculate and enter the amount. of the Income before lncome tex Expense and net income or loss for the period. (Hound your final answers to the neasest whole dollar ansount.) Grid Iron Prep incorporated (GiPv) is a service business incorporated in January of the current year to provide personal training for athietes aspiring to play colege football. The following transactions occurred during the month ended January 31. 3. GiPI issued stock in exchange for $110.000 cash on 101 b. GiPI purchased a gymnashum building and gym equipment on vo2 for $51,000,80% of which related to the gymnasium and 20% to the equigment. c. GIPl paid $300 cash on 1103 to have the gym equipment refurbished before it could be used: d. GIPI provided $5.000 in training on 104 and expected collection in February. a. GiPI collected $37,000 cash in training fees on 1710 , of which $34,500 related to January and $2,500 related to February. G. GiPI paid $23,500 of wages and $6,000 in utilties on 1/30. g. Glpi will depreciate the gymnashim building using the straight-line method over 10 years with a residual value of $2.500. Gym equipment will be depreciated using the double-declining-balance method, with an estimated residual value of $2.000 at the end of its four-year useful life. Record depreciation on 1/31 equal to onetweifth the yearly amount h. GIPI recelved a bill on 1/31 for $170 for advertising done on 1/31. The bill has not been paid or recorded. 4. 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 collectiale. GIPl's income tax fate is 30%. Assume depreciation for tax is the same amount as depreciation for financial reporting purposes. Preoare the statement of retained eamings for the month ended January 31. You will need to determine and enter the acceunts and balances to prepare the Statement of Retained Eamings. (Round your final answers to the nearest whole dollar amount.) Use the dropdowns to select the appropriate accounts to be reported on the balance sheet. However, you will necd to enter the ameunt for Accounts Recelvable (nek of Allowance for Doubtful Accounts). Buildings and Equiprment (net of Accumulated Depreciatien), Common Stock, and Retained Earmings. (Round rour final answers to the nearest whole Gallar amount)