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 footballi. The following transactions occurred during the month ended January 31 . a. GlP issued stock in exchange for $130,000 cash on 101 . b. GiPl purchased a gymnastum building and gym equipment on 1/02 for $53,000,80% of which related to the gymnasium and 20% to the equipenent c. Gipl pald $500 cash on v03 to have the gym equipment refurbished before it could be used. d. G1PI provided 57,000 in training on 104 and expected collection in February. e. GiPl collected $39,000 eash in training fees on 1/10, of which $35,500 related to January and 53,500 related to February. f. G|Pi paid $25,500 of wages and $6,500 in utilities on 1/30 9. GiPl will depreciate the gymnastum buliding using the straight-fline method over 10 years with a residual value of $3,500. Gym ecuipment will be depreciated using the double-declining-balance method, with an estimated residual value of $3,000 at the end of its fout-year waful ufe. Record depreciation on 1/3 equal to one-tweith the yearly amount. n. GiPi recelved a bill on 1/31 for $350 for advertising done on 131 . The bill has not been paid or recorded b. GiPl uses the aging method foc estimating doubtful accounts and, on 131 , will record an estimated 3 percent of its under 30 -day-old accounts as not collectible f. Gipis income tax rate is 30\%. Assume depreciation for tax is the same amount as depreciation for financial reparting purposes. Answer is not camplete. Precare Jurns entries to recorid the transactions and edjustments (isted in (a) to: (0). Review the accounts as shicwn in the Expert Q\&A collectible, Record the transaction. 10 GIPI's income tax rate is 30\%. Assume depreciation for tax is the same amount as depreciation for financial reporting purposes. Record the transaction