the equipment 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. 8. GIPl issued stock in exchange for $170,000 cash on 1/01. b. GIPI purchased a gymnasium building and gym equipment on 102 for $50.000, 80% of which related to the gymnasium and 20% to C GIPI paid $400 cash on 103 to have the gym equipment refurbished before it could be used. d. GIPI provided $4,000 in training on 104 and expected collection in February e GIPI collected $43,000 cash in training fees on 1910, of which $39,000 related to January and $4.000 related to February f. GIPI paid $24,000 of wages and $8,000 in utilities on 130 9. GIPI will depreciate the gymnasium building using the straight-line method over 10 years with a residual value of $5,500. 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 depreciation on 131 equal to one-twelfth the yearly amount. h. GIPI received a bill on 131 for $430 for advertising done on 131. The bill has not been paid or recorded. GIPl 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. Gil's income tax rate is 30%. Assume depreciation for tax is the same amount as depreciation for financial reporting purposes. General General Income Statement of Requirement Journal Ledger Trial Balance Statement Retained Balance Sheet Earnings Prepare journal entries to record the transactions and adjustments listed in () to (). 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.) View transaction list Statement of Requirement General General Income Trial Balance Journal Retained Balance Sheet Ledger Statement Earnings Prepare journal entries to record the transactions and adjustments listed in (a) to 6). Review the accounts as shown in the Ledger and Trial Balance tabs. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first field. Round your final answers to the nearest whole dollar amount.) View transaction list Journal entry worksheet 2 3 1 4 5 6 7 8 9 10 > GIPI issued stock in exchange for $170,000 cash on 1/01. Record the transaction Note: Enter debits before credits General Journal Dobit Credit Date January 01 Record entry Clear entry View general Journal Requirement General Journal General Ledger Trial Balance Income Statement Statement of Retained Earnings Balance Sheet Each journal entry is posted automatically to the general ledger General Ledger Account Data is not available untit journal entries have been entered General General Requirement Statement of Income Journal Ledger Trial Balance Statement Retained Balance Sheet Earnings The option you choose will be the values used to populate the income statement and balance sheet tabs. GRID IRON PREP INCORPORATED Adjusted Trial Balance January 31, 2021 Account Title Debit Total Credit OS 0 General Statement of Income Requirement General Trial Balance Journal Ledger Retained Balance Sheet Statement Earnings Use the dropdowns to select the appropriate accounts to be reported on the income statement. However, you will need to calculate and enter the amount of the income before Income Tax Expense and net income or loss for the period. (Round your final answers to the nearest whole dollar amount.) GRIDIRON PREP INCORPORATED Income Statement For the Month Ended January 31 0 0 0 0 0 0 0 O $ 0 Income before Income Tax Expense 0 General Journal Requirement General Statement of Income Trial Balance Retained Balance Sheet Ledger Statement Earnings 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.) GRIDIRON PREP INCORPORATED Statement of Retained Earnings For the Month Ended January 31 Balance, January 1 Dividends Balance, January 31 General Requirement General Income Statement of Journal Trial Balance Ledger Statement Retained Balance Sheet Earnings Use the dropdowns to select the appropriate accounts to be reported on the balance sheet. However, you will need to enter the amount for Accounts Receivable (net of Allowance for Doubtful Accounts), Buildings and Equipment (net of Accumulated Depreciation), Common Stock, and retained Earnings. (Round your final answers to the nearest whole dollar amount.) GRIDIRON PREP INCORPORATED Balance Sheet As of January 31 0 25 0 $ 0 0 0 0 0 0 0