Chestnut Corporation, reported the following account balances on January 1 . The company entered into the following transactions during the year. January 15 Issued 11 , e0e shares of $1 par conhon stock for $62,690 cash. January 31 collected 53,600 from custoners on account. February 15 Reacquired 3,120 shares of $1 par comon stock into treasury for $34,320 cash. March is Reissued 2,12e shares of treasury stock for 325,320 cash. August is Reissued 600 shares of treasury stock for $4,600 cash. September 15 beclared (but did not yet pay) a $1 cash dividend on each outstanding share of comon stock, october 1 Issued 10e, 10-year, $1,70 bonds, at a quoted bond price of 101 . October 3 brote off a $1,580 balance due from a custoeer tho went bankrupt. Decenber 29 Recorded 5242,000 of service revenue, all of which was collected in cash. Deceeber 30 paid 3212 , eee cash for this year's wages through December 31 . (Ignore payroll taxes and payroll deductions.) Decenber 31 Calculated $10,609 of depreciation for the year to be recorded. (Ignore acerual adjustrents for interest and in taxes-) General Journal tab - Prepare the journal entries to record each transaction. Review the accounts as shown in the General Ledger and Tral Balance tabs. General Ledger tab - Each journal entry is posted automaticallv to the qeneral ledqer. 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. January 15 Issued 11,090 shares of $1 par comnon stock for $62,000cash. January 31 collected $3,000 from custoners on account. February 15 Reacquired 3,12 shares of $1 par conmon stock into treasury ,320 cash. March 15 Reissued 2,120 shares of treasury stock for $25,320 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 comnon stock. October 1 Issued 109, 10-year, $1,67 bonds, at a quoted bond price of 101 . October 3 wrote off a $1,500 balance due from a custorner who went bankrupt. December 29 Recorded $242,000 of service revenue, al1 of which was collected in cash. December 30 Paid \$212, ee cash for this year's wages through December 31 , (Ignore payroll taxes and payroll deductions.) December 31 Calculated $10,80e of depreciation for the year to be recorded. (Ignore accrual adjustments for interest and income (taxc5+) Calculate the Debt to Assets Ratio and analyze the impact of the Debt to Assets Ratio. (Round your answer to 2 decimal places.)