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 $220,000 cash on 1/01. b. GIPI purchased a gymnasium building and gym equipment on 1/02 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 1/04 and expected collection in February. e. GIPI collected $39,000 cash in training fees on 1110 , of which $35,000 related to January and $4,000 related to February. f GIPI paid $21,000 of wages and $10,500 in utitities on 1/30. g. 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-twelth 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. 1. 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. 9. GIPl's income tax rate is 30%. Assume depreciation for tax is the same amount as depreciation for financial reporting purposes. Prepare foumal entries to record the transactions and adjustments listed in (a) to (0). Review the accounts as shown in the Generai 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.) GIPI issued stock in exchange for $220,000 cash on 1/01. Record the transaction. GIPI purchased a gymnasium building and gym equipment on 1/02 for $60,000,80% of which related to the gymnasium and 20% to the equipment. Record the transaction. GIPI paid $400 cash on 1/03 to have the gym equipment refurbished before it could be used. Record the transaction. GIPI provided $9,000 in training on 1/04 and expected collection in February. Record the transaction. Note : = journal entry has been entered GIPI collected $39,000 cash in training fees on 1/10, of which $35,000 related to January and $4,000 related to February. Record the transaction. GIPI paid $21,000 of wages and $10,500 in utilities on 1/30. Record the transaction. 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. Record the transaction. 8 GIPI received a bill on 1/31 for $580 for advertising done resicual value ui $4,J UU dL lile eira ui ls iun-yedi useiul life. Record depreciation on 1/31 equal to one-twelfth the yearly amount. Record the transaction. 8 GIPI received a bill on 1/31 for $580 for advertising done on 1/31. The bill has not been paid or recorded. Record the transaction. 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. 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. equipment will be depreciated using the double-declining-balance method, with an estimated resid 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 recore GIPI uses the aging method for estimating doubtful accounts and, on 1/31, will record an estimated 3 accounts as not collectible. GIPI's income tax rate is 30%. Assume depreciation for tax is the same amount as depreciation for fi Use the dropdowns to select the appropriate accounts to be reported on the income statement. However, y calculate and enter the amount of the Income before income Tax Expense and net income or loss for the p final answers to the nearest whole dollar amount.) Prepare the statement of retained earnings for the month ended January 31 . You will need to determir accounts and balances to prepare the Statement of Retained Earnings. (Round your final answers to amount.) Use the dropdowns to select the appropriate accounts to be reported on the balance sheet. However, you w the amount for Accounts Receivable (net of Allowance for Doubtful Accounts), Buildings and Equipment (ne Depreciation), Common stock, and Retained Earnings. (Round your final answers to the nearest whole dolls