Grid lron 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 $280,000 cash on t/01. b. GIPI purchased a gymnasium bullding and gym equipment on 1/02 for $54,000,80% of which related to the gymnasium and 20% to the equipment. c. GIPI paid $500 cash on 103 to have the gym equipment refurbished before it could be used. d. GIPI provided $8,000 in training on 104 and expected collection in February. e. GIPI collected $40,000 cesh in training fees on 110 , of which $35,000 related to January and $5,000 related to February. f GIPI poid $25,000 of wages and $6,500 in utlities on 1/30 9. GIPI will depreclate the gymnaslum building using the straight-line method over 10 years with a residual value of $2,000. Gym equipment wil be deprecioted using the double-declining-balance method, with an estimated residual value of $4,500 at the end of its fouryear useful life. Record depreciation on 1/31 equal to one-twelth the yearly amount. h. GIPI received a bill on 1/31 for $390 for advertising done on 1/31. The bill has not been paid or reorded. L. GIPI uses the oging method for estimating doubtful accounts and, on 1/3t, will record an estimated 3 percent of its under-30-day-old occounts as not collectible. J. GiPrs income tax rate is 30%. Assume depreciation for tax is the same amount as depreciation for financial reporting purposes. Prepare joumal entries to record the transactons and aojustments listed in (a) to (J). Review the accounts as ahown in the Genera Ledger and tral Balance tabs. (It no entry is required for a transaction/event, select 'No Joumal Entry Required" in the fint account field Round your final answers to the nearest whole dollar amount.) Journal entry worksheet GIPI issued stock in exchange for $280,000 cash on 1/01. Record the transaction. Note: Enter debits before credits. e option you choose will be the values used to populate the income statement and balance sheet tabs. GRID IRON PREP INCORPORATED Income Statement For the Month Ended January 31 GRID IRON PREP INCORPORATED