Grid Iron Prep Incorporated $($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 $31.$

a$.$ GIPI issued stock in exchange for $$260,000$ cash on $\frac{1}{01}.$

b$.$ GIPI purchased a gymnasium building and gym equipment on $\frac{1}{02}$ for $$56,000,80\%$ of which related to the gymnasium and $20\%$ to

the equipment.

c$.$ GIPI paid $$300$ cash on $\frac{1}{03}$ to have the gym equipment refurbished before it could be used.

d$.$ GIPI provided $$6,000$ in training on $\frac{1}{04}$ and expected collection in February.

e$.$ GIPI collected $$41,000$ cash in training fees on $\frac{1}{10},$ of which $$38,000$ related to January and $$3,000$ related to February.

f$.$ GIPI paid $$25,000$ of wages and $$7,200$ in utilities on $\frac{1}{30}.$

g$.$ GIPI will depreciate the gymnasium building using the straight$-$line method over $10$ years with a residual value of $$5,500.$ Gym

equipment will be depreciated using the double$-$declining$-$balance method, with an estimated residual value of $$3,500$ at the end of

its four$-$year useful life. Record depreciation on $\frac{1}{31}$ equal to one$-$twelfth the yearly amount.

h$.$ GIPI received a bill on $\frac{1}{31}$ for $$340$ for advertising done on $\frac{1}{31}.$ The bill has not been paid or recorded.

i$.$ GIPI uses the aging method for estimating doubtful accounts and, on $\frac{1}{31},$ 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.

Use the dropdowns to select the appropriate accounts to be reported on the balance sheet. However, you will need to enter

the amount for Accounts Receivable $($net of Allowance for Doubtful Accounts$),$ Buildings and Equipment $($net of Accumulated

Depreciation$),$ Common Stock, and Retained Earnings. $($Round your final answers to the nearest whole dollar amoount$)$

GRID IRON PREP INCORPORATED

Balance Sheet

As of January $31$

Assets

Current Assets

Liabilities

Current Liabilities