Cedric Productions, reported the following account balances on January 1.

Accounts Receivable	$ 5,000
Accumulated Depreciation		$ 30,000
Additional Paid-in Capital		128,000
Allowance for Doubtful Accounts		2,000
Bonds Payable		0
Buildings	285,000
Cash	19,500
Common Stock, 10,000 shares of $1 par		10,000
Notes Payable (long-term)		19,500
Retained Earnings		120,000
Treasury Stock	0
TOTALS	$ 309,500	$ 309,500

January 15	Issued 24,000 shares of $1 par common stock for $88,000 cash.
January 31	Collected $3,000 from customers on account.
February 15	Reacquired 3,380 shares of $1 par common stock into treasury for $37,180 cash.
March 15	Reissued 2,380 shares of treasury stock for $28,180 cash.
August 15	Reissued 600 shares of treasury stock for $4,600 cash.
September 15	Declared (but did not yet pay) a $1 cash dividend on each outstanding share of common stock.
October 1	Issued 100, 10-year, $1,200 bonds, at a quoted bond price of 101.
October 3	Wrote off a $1,500 balance due from a customer who went bankrupt.
December 29	Recorded $268,000 of service revenue, all of which was collected in cash.
December 30	Paid $238,000 cash for this years wages through December 31. (Ignore payroll taxes and payroll deductions.)
December 31	Calculated $10,000 of depreciation for the year to be recorded. (Ignore accrual adjustments for interest and income taxes.)

Prepare the journal entries to record each transaction.

Prepare a closing journal entry for the income statement accounts, assuming the events on December 2931 were the only transactions to affect income statement accounts. Record the transaction.

Prepare the closing entry for Dividends.

Create a balance sheet.

Calculate the Debt to Assets Ratio.