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. GIPI issued stock in exchange for $210,000 cash on 1/01. GIPI purchased a gymnasium building and gym equipment on 1/02 for $61,000, 80% of which related to the gymnasium and 20% to the equipment. GIPI paid $300 cash on 1/03 to have the