Need the balance sheet and debt-to-assets ratio. If journal entries are incorrect please clarify

C11-1 Financial Reporting of Depreciation, Write-off, Bond Issuance and Common Stock Issuance, Purchase, Reissuance, and Cash Dividends (Chapters 4, 8, 9,10, and 11) LO 4-2, 4-5, 8-2, 9-3,10-3,11-2, 11-3] American Laser, Inc., reported the following account balances on January 1 Debit $5,000 Credit Accounts Receivable Accumulated Depreciation Additional Paid-in Capital $30,000 90,000 2,000 lowance for Doubtful Accounts Bonds Payable Buildings Cash Common Stock, 10,000 shares of $1 par Notes Payable (long-term) Retained Earnings Treasury Stock TOTALS 247,000 10,000 10,000 10,000 120,000 $262,000 $262,000 The company entered into the following transactions during the year Jan. 15 Issued 5,000 shares of $1 par common stock for $50,000 cash. Jan. 31 Collected $3,000 from customers on account. Feb. 15 Reacquired 3,000 shares of $1 par common stock into treasury for $33,000 cash Mar. 15 Reissued 2,000 shares of treasury stock for $24,000 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. Issued 100, 10-year, $1,000 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 $230,000 of service revenue, all of which was collected in cash. Dec. 30 Paid $200,000 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.) Date General Journal Debit Credit Jan 15 Cash 50,000 Common Stock 5,000 Additional Paid-In Capital, Common Stock 45,000 2 Jan 31 Cash 3,000 Accounts Receivable 3,000 Feb 15 Treasury Stock 33,000 Cash 33,000 Mar 15 Cash 24,000 Treasury Stock Additional Paid-In Capital, Treasury Stock 22,000 2,000 Aug 15 Cash 4,600 2,000 Additional Paid-In Capital, Treasury Stock Treasury Stock 6,600 6 Sep 15 Dividends 14,600 Dividends Payable 14,600 Oct 01 Cash 101,000 1,000 Premium on Bonds Payable Bonds Payable 100,000 Oct 03 Allowance for Doubtful Accounts 2,000 Accounts Receivable 2,000 Dec 29 Cash 230,000 Service Revenue 230,000 Dec 30 Salaries and Wages Expense 200,000 laries and Wages Payable 200,000 Dec 31 No Journal Entry Required 12 Dec 31 Service Revenue 230,000 Salaries and Wages Expense Depreciation Expense Retained Earnings 200,000 10,000 20,000 Dec 31 Retained Earnings 14,600 Dividends 14,600 AMERICAN LASER, INC Classified Balance Sheet At December 31 Assets Noncurrent Liabilities $ 247,000 30,000 Buildings Accumulated Depreciation-Buildings Total Noncurrent Assets 277,000 389,600 Cash $ 666,600 Requirement JourmalLedcer Trial Balance Baet Roti Se 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.) General Journal Ratio Ledger 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 Less KBalance Sheet Debt to Assets Ratio