American Laser, Inc., reported the following account balances on January 1. Credit Debit 5,000 $ $ 30,000 102,000 2,000 Accounts Receivable Accumulated Depreciation Additional Paid-in Capital Allowance for Doubtful Accounts Bonds Payable Buildings Cash Common Stock, 10,000 shares of $1 par Notes Payable (long-term) Retained Earnings Treasury Stock TOTALS 259,000 13,000 10,000 13,000 120,000 $277,000 $277,000 The company entered into the following transactions during the year. Jan. 15 Issued 11,000 shares of $1 par common stock for $62,000 cash. Jan. 31 Collected $3,000 from customers on account. Feb. 15 Reacquired 3,120 shares of $1 par common stock into treasury for $34,320 cash. Mar. 15 Reissued 2,120 shares of treasury stock for $25,320 cash. Aug. 15 Reissued 600 shares of treasury stock for $4,600 cash. Sept. 15 Declared (but did not yet pay) a $1 cash dividend on each outstanding share of common stock. Oct. 1 Issued 100, 10-year, $1,010 bonds, at a quoted bond price of 101. Oct. 3 Wrote off a $2,000 balance due from a customer who went bankrupt. Dec. 29 Recorded $242,000 of service revenue, all of which was collected in cash. Dec. 30 Paid $212,000 cash for this year's wages through December 31. Ignore payroll taxes and payroll deductions. Dec. 31 Calculated $10,000 of depreciation for the year to be recorded. (Ignore accrual adjustments for interest and income taxes.) Requirement General Journal General Ledger Trial Balance Balance Sheet Debt to Assets Ratio Prepare the journal entries to record each transaction. Review the accounts as shown in the General Ledger and Trial Balance tabs. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Use the dropdowns to select the accounts properly included on the classified balance sheet. However, you will need to enter the amount of Retained earnings. At the end of the year, the adjusted net income was $20,000. AMERICAN LASER, INC Classified Balance Sheet At December 31 Requirement General Journal General Ledger Debt to Assets Trial Balance Balance Sheet Ratio Calculate the Debt to Assets Ratio and analyze the impact of the Debt to Assets Ratio. Calculate the debt-to-assets ratio at January 1 and December 31. (Round your answer to 2 decimal places.) Debt to Assets Ratio Does the company rely more (or less) on debt financing at the end of the year than at the beginning of the year? More OLess