Grid Iron Prep incorporated (GIPI) is a service business incorporated in January of the curtent 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 $250,000 cash on 1/01. b. GIPI purchased a gymnaslum building and gym equipment on 1/02 for $57,000,80% of which related to the gymnasium and 20% to the equipment. c. GIPI pald $200 cash on 1/03 to have the gym equipment refurbished before it could be used. d. GIPI provided $5,000 in training on 1/04 and expected collection in February. e. GIPI collected $42,000 cash in training fees on 1/10, of which $40,000 related to January and $2,000 related to February. f. GIPI paid $26,000 of wages and $6,700 in utilities on 1/30. 9. GIPI will depreciate the gymnasium building using the straight-line method over 10 years with a residual value of $5,000, Gym equipment will be depreciated using the double-declining-balance method, with an estimated residual value of $3,000 at the end of its four-year useful life. Record depreciation on 1/31 equal to one-twelth the yearly amount. h. GIPI reelved a bill on 1/31 for $390 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 on estimated 3 percent of its under-30-day-old accounts as not collectible. 1. GIPI's income tax rate is 30%. Assume depreciation for tax is the same amount as depreciation for financial reporting purposes. Prepare journal entrles to record the transactions and adjustments listed in (a) to (j). 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 first account field. Round your final answers to the nearest whole dollar amount.) GRID IRON PREP INCORPORATED Income Statement For the Month Ended January 31 \begin{tabular}{|l|} \hline GRID IRON PREP INCORPORATED \\ \hline Statement of Retained Earnings \\ \hline For the Month Ended January 31 \\ \hline Balance, January 1 \\ \hline \\ \hline Dividends \\ \hline Balance, January 31 \\ \hline \end{tabular} GRID IRON PREP INCORPORATED Balance Sheet As of January 31