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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 footbail. The following transactions occurred during the month ended January 31. a. GIPI issued stock in exchange for $110,000 cash on 101 . b. GIPI purchased a gymnasium bullding and gym equipment on 1/02 for $51,000,80% of which related to the gymnasium and 20% to the equipment. c. GIPI paid $300 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 $37,000 cash in training fees on 1/10, of which $34,500 related to January and $2,500 related to February f. GIPI paid $23,500 of wages and $6,000 in utilities on 1/30. 9. GIPI will depreciate the gymnaslum bullding using the straight-line method over 10 years with a residual value of $2.500. Gym equipment will be depreciated using the double-declining-balance method, with an estimated residual value of $2,000 at the end of its four-year useful life. Record depreclation on 1/31 equal to one-twelfth the yearly amount. f. GIPI recelved a bill on 1/31 for $170 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. 3. GIPI's income tax rate is 30%. Assume depreciation for tax is the same amount as depreciation for financial reporting purposes. Prepare journal entries to record the transactions and adjustments listed in Ledger and Trial Balance tabs. (If no entry is required for a transaction/even field. Round your final answers to the nearest whole dollar amount.) GIPI issued stock in exchange for $110,000 cash on 1/01. Record the transaction. GIPI purchased a gymnasium building and gym equipment on 1/02 for $51,000,80% of which related to the gymnasium and 20% to the equipment. Record the transaction. GIPI paid $300 cash on 1/03 to have the gym equipment refurbished before it could be used. Record the transaction. GIPI provided $5,000 in training on 1/04 and expected collection in February. Record the transaction. 5. GIPT rnllerted $37 nnn rash in traininn fees on 1/10 of Note : = journal entry has been entered GIPI collected $37,000 cash in training fees on 1/10, of which $34,500 related to January and $2,500 related to February. Record the transaction. GIPI paid $23,500 of wages and $6,000 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 $2,500. Gym equipment will be depreciated using the double-declining-balance n Atrthod, with an estimated residual value of $2,000 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 $170 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. Each jourtal entry is posted automaticilly to the general ledget. dger Account \begin{tabular}{|r|r|r|r|r|} \hline No. & Date & \multicolumn{1}{|c|}{ Debit } & Credit & \multicolumn{1}{|c|}{ Balance } \\ \hline & January 01 & & \\ \hline \$ 2 & January 02 & 10,000 & 10,000 \\ \hline & 3 & January 03 & 300 & 10,300 \\ \hline \end{tabular} Utialies Expense \begin{tabular}{|c|c|c|c|c|c|} \hline No. & Date & Debit & Credit & Balance \\ \hline & January 01 & & & 0 & \\ \hline * 6 & January 30 & 6,000 & & 6,000 & \\ \hline & & \\ \hline \end{tabular} GRID IRON PREP INCORPORATED Adjusted Trial Balance January 31, 2021 \begin{tabular}{|l|l|} \hline General Ledger Income Statement > \\ \hline \end{tabular} GRID IRON PREP INCORPORATED Income Statement For the Month Ended January 31 Prepare the statement of retained earnings for the month ended January 31. You will need to determine and enter the accounts and balances to prepare the Statement of Retained Earnings. (Round your final answers to the nearest whole dollar amount.) GRID IRON PREP INCORPORATED Balance Sheet As of January 31