8 Check my work 10 pos Grid on Prep Incorporated (GIP) is a service business incorporated in January of the current year to provide personal training for athletes aspining to play college football. The following transactions occurred during the month ended January 31 a GP sued stock in exchange for $150,000 cash on 1/01 GP purchased a gymnasium building and gym equipment on 1/02 for $55,000, 80% of which related to the gymnasium and 20% to the equipment GIPI paid $200 cash on 1/03 to have the gym equipment refurbished before it could be used d GIPS provided $9,000 in training on 1/04 and expected collection in February GIPI collected $41,000 cash in training fees on 1/10, of which $39.000 related to January and $2.000 related to February GIPI paid $28,500 of wages and $7,500 in utilities on 1/30 9. Gift will depreciate the gymnasium building using the straight-line method over 10 years with a residual value of $4.500. Gym equipment will be depreciated using the double-deciming-balance method, with an estimated residual value of $4,000 at the end of ta four-year useful life Record depreciation on 1/31 equal to one-twein the yearly amount GIP received a bill on 131 for $400 for advertising done on 131 The bill has not been paid or recorded GIPT 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, GIPT's income tax rate is 30% Assume depreciation for tax is the same abount as depreciation for financial reporting purposes General General Requirement Trial Balance Income Statement Statement f Retained Balance Sheet