Phantom Incorporated, reported the following account baiances on January 1. The company entered into the following transactions during the year. January 15 Issued 7,000 shares of $1 par connon stock for $54,000 cash. January 31 collected $3, 0e from custoners on account. February 15 Reacquired 3,040 shares of $1 par common stock into treasury for $33,440 cash. March 15 Reissued 2, 040 shares of treasury stock for $24,440 cash. August 15 Reissued 600 shares of treasury stock for $4,600 cash. Septenber 15 Declared (but did not yet pay) a $1 cash dividend on each outstanding share of common stock. october 1 Issued 10e, 10-year, \$1,030 bonds, at a quoted bond price of 101 . October 3 Wrote off a $1,500 balance due from a custoner who went bankrupt. Decenber 29 Recorded $234,000 of service revenue, all of which was collected in cash. - Decenber 30 Paid $204,000 cash for this year's wages through Decenber 31. (Ignore payroll taxes and payroll deductions.) Decenber 31 Calculated $10,000 of depreciation for the year to be recorded. (Ignore accrual adjustments for interest and income taxes.) Journal entry worksheet Issued 7,000 shares of $1 par common stock for $54,000 cash. Record the transaction. Note: Enter debits before credits. PHANTOM INCORPORATED Classified Balance Sheot At Decembar 31 Calculate the Debt to Assets Ratio and analyze the impact of the Debt to Assets Ratio. (Round your answer to 2 decimal places.)