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 football. The following transactions occurred during the month ended January 31 a GIPI issued stock in exchange for $270,000 cash on 101 D. GIPI purchased a gymnasium building and gym equipment on 102 for $55,000, 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. GIPA provided $7,000 in training on 104 and expected collection in February GIPI collected $42,000 cash in training fees on 110, of which $38,000 related to January and $4.000 related to February GIPI paid $26,000 of wages and $7.800 in utilities on V30. G. GIPI will depreciate the gymnasium building using the straight-line method over 10 years with a residual value of $6.000. Gym equipment will be depreciated using the double-declining balance method, with an estimated residual value of $4.000 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 $290 for advertising done on 131. The bill has not been paid or recorded 1. GIPl 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 J. 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 Trial Balance Ledger Balance Sheet Statement Retained Earnings Prepare journal entries to record the transactions and adjustments listed in (a) to (1) 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 est account Tield. Round your final answers to the nearest whole dollar amount.) Journal entry worksheet GIPI issued stock in exchange for $270,000 cash on 1/01. Record the transaction. Note: Enter debits before credits. Date General Journal Debit Credit January 01 Record entry Clear entry View general Journal Journal entry worksheet GIPI purchased a gymnasium building and gym equipment on 1/02 for $55,000, 80% of which related to the gymnasium and 20% to the equipment. Record the transaction. Note: Enter debits before credits Date General Journal Debit Credit January 02 Record entry Clear entry View general Journal Journal entry worksheet 1 2 3 4 5 6 7 8 9 10 GIPI paid $400 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 Debit Credit January 03 Record entry Clear entry View general journal Journal entry worksheet GIPI provided $7,000 in training on 1/04 and expected collection in February. Record the transaction. Note: Enter debits before credits. Date General Journal Debit Credit January 04 Record entry Clear entry View general Journal Journal entry worksheet GIPI collected $42,000 cash in training fees on 1/10, of which $38,000 related to January and $4,000 related to February. Record the transaction. Note: Enter debits before credits. General Journal Debit Credit Date January 10 Record entry Clear entry View general Journal Journal entry worksheet 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. Record the transaction. Note: Enter debits before credits Date General Journal Debit Credit January 31 Record entry Clear entry View general Journal Journal entry worksheet GIPI's income tax rate is 30%. Assume depreciation for tax is the same amount as depreciation for financial reporting purposes. Record the transaction. Note: Enter debits before credits General Journal Debit Credit Date January 31 Record entry Clear entry View general Journal GRID IRON PREP INCORPORATED Income Statement For the Month Ended January 31 $ 0 0 0 0 0 0 0 0 $ 0 Income before Income Tax Expense 0 GRID IRON PREP INCORPORATED Statement of Retained Earnings For the Month Ended January 31 Balance, January 1 Dividends Balance, January 31 GRID IRON PREP INCORPORATED Balance Sheet As of January 31 0 0 $ $ 0 0 0 0 $ $ 0 0 0