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a. GIPI Issued stock in exchange for $280,000 cash on 1/01. b. 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 1/03 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 EGIPI paid $25,000 of wages and $6,500 in utilities on 130. G. GIPI will depreciate the gymnasium building using the straight-line method over 10 years with a residual value of $2,000. Gym 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-twelfth the yearly amount. h. GIPI received a bill on 131 for $390 for advertising done on 1/31. The bill has not been paid or recorded. I. 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. GIPI's income tax rate is 30%. Assume depreciation for tax is the same amount as depreciation for financial reporting purposes. Requirement General Journal General Ledger Trial Balance Income Statement Statement of Retained Earnings Balance Sheet Use the dropdowns to select the accounts properly included on the balance sheet. However, you will need to enter the amount of the Accounts receivable (net of Allowance for Doubtful Accounts), Buildings, Equipment (net of Accumulated Depreciation), Common stock and Retained earnings. (Round your final answers to the nearest whole dollar amount.) GRID IRON PREP INC. Balance Sheet As of January 31 Assets GRID IRON PREP INC. Trial Balance January 31, 2019 Account Title Credit Debit 234,000 8,000 240 43,200 343 11,300 471 Cash Accounts Receivable Allowance for Doubtful Accounts Buildings Accumulated Depreciation-Buildings Equipment Accumulated Depreciation Equipment Accounts Payable Common Stock Service Revenue Advertising Expense Bad Debt Expense Depreciation Expense Salaries and Wages Expense Utilities Expense Total 390 280,000 48,000 390 240 814 25,000 6,500 329,444 $ 329,444

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