THIS IS ONE QUESTION PLEASE COMPLETE THE WHOLE THING!!! DONT FORGET NUMBER 3!! THANK YOU!

Jan. 31 count 20 $12 240 c9-1 Accounting for Operating Activities (including Depreciation) and Preparing Financial Statements (Chapters 2.4.8, and 9) LO 3-3, 4-2 B-2, 92, 93 Grid Iron Prep Inc. (GIPT) is a service business incorporated in January of the current yest to provide personal training for athletes aspiring to play college football. The following transactions occurred during the mouth ended January 21 2. GIPI issued stock in exchange for $100.000 cash on 1/01 b. GIPI purchased a gymnasium building and gym equipment en 1702 for $50.000, 50 percent of which related to the gormursam und 20 percent to the equipment c. GIPI paid $260 cash on 103 to have the gym equipment refurbished before it could be used d. GIPI provided $4.000 in training on 1/04 and expected collection in February .. GIPI collected $36.000 cash in training fees on 1/10, of which 534,000 related to January and $2,000 related to February L. GIPI paid $23.000 of wages and $7.000 inutilities on 1/30 g. GIPI will depreciate the gymnasium building using the straight line method over 20 years with a residuale of $2.000 6 equipment will be depreciated using the double-declining balance method, with an estimated residual value of 52.250 at the end is four year useful life. Record depreciation on 1/31 equal to one weith the yearty amount 1. GIPI received a bill on 1/31 for $350 for advertising dont on 1/31. The bill has not been paid or recorded. LGIPI uses the aging method for estimating doubtful accounts and on 1/71. will record an estimated 5 percent of its onder die old accounts as not collectible 1. GIPT's income tax rate is 30 percent. Assume depreciation for that is the same amount as depreciation for financial reporting purposes Required: 1. Prepare journal entries to record the transactions and adjustments lized in 1-09 2. If you are completing this problem manually. post the entries from requirement i 10 Taccounts and then prepare au ajusted trial balance at December JL Showa zeto balance for Retained Earnings in the wested trial lainnor. (ryou are completing this problem in Connect, this requirement will be completed automatically for you using your responses to requirement 1.) 3. Prepare GIPI's annual income statement statement of retained earnings and classified balance sheet Heure journal entries to record the transactions and adjustments listed in (o)- a. b. c . d. e. f. g. h. i. 2 1 9o are completing this problem manually. Pod the entries from requirement to Tacounts and then prepare an adjusted tribal balance at December 31. Showa zero balance for Retained Earnings in the adjusted trial balance. Accounts Receivable Income Tax Expense Cash Bal 0 Bal 0 Bal 0 Allowance for Doubtful Accounts Buildings 0 Bal Bal D Accumulated Dep.-Buildings 0 Bal Equipment 0 Accounts Payable 0 Bal Bal Income Tax Payable 0 Bal Accumulated Dep.-Equipment 0 Bal Deferred Revenue 0 Bal Common Stock 0 Retained Earnings 0 Bal Bal Service Revenue) Salaries & Wages Expense 0 Bal Bal 0 Utilities Expensee 0 Bal Depreciation Expense (E) 0 Bal Advertising Expense Debt Expense (E) 0 Bal Bal 3. Prepare GIPT's annual income statement statement of retained earnings, and classified balance sheet