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Srid Iron Prep Incorporated (GIPI) is a service business incorporated in January of the current year to provide personal training for thletes aspiring to play college football. The following transactions occurred during the month ended January 31. GIPI issued stock in exchange for $280.000 cash on 101 . GIPI purchased a gymnasium building 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 cash in training fees on 1,10, of which $35.000 related to January and $5.000 related to February. f GIPI paid $25.000 of wages and $6,500 in utilites on 1/30 g. GiPl will depreciate the gymnasium building using the straight-line method over 10 years with a residual value of $2,000.6ym equipment will be depreciated using the double-declining-balance method, with an estimated residual value of $4,500 at the end of its four-year useful life. Record depreciation on 1/31 equal to one-twelth the yearly amount. h. GlPI received a bill on 1/31 for $390 for advertising done on 1/31. The bill has not been paid or recorded. 4. GlP uses the aging method for estimating doubtful accounts and, on 1/31. Wil record an estimated 3 percent of its under-30-day-old accounts as not collectible. f. Gipis income tax rate is 30\%. Assume depreciation for tax is the same amount as depreciation for financial reporting purposes. F. Tre journal entries to rocord the transactions and adjustrients listed in (a) to (9). Review the accounts as in ur the General fiele ind your fintal answers to the nearest whole dollar amount?) Journal entrv worksheet S. 54 hurctased o grmeaswm bundine and gyb equipment on 1702 for R54,000, 80% of which related to the gymnatium and 20% to the equiprnent. GRID IRON PREP INCORPORATED Income Statement For the Month Ended January 31