Phantom Incorporated, reported the following account balances on January 1. The company entered into the following transactions during the year. January 15 Issued 23,000 shares of $1 par common stock for $86,000 cash. January 31 collected $3,000 from customers on account. February 15 Reacquired 3,360 shares of $1 par common stock into treasury for $36,960 cash. March 15 Reissued 2,360 shares of treasury stock for $27,960 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, $1,190 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 $266,000 of service revenue, all of which was collected in cash. December 30 Paid $236,000 cash for this year's 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 inte and income taxes.) General Journal tab - Prepare the journal entries to record each transaction. Review the accounts as shown in the General Ledger and Trial Balance tabs. General Ledger tab - Each journal entry is posted automatically to the general ledger. The company entered into the following transactions during the year. January 15 Issued 23,000 shares of $1 par common stock for $86,000 cash. January 31 collected $3,000 from customers on account. February 15 Reacquired 3,360 shares of $1 par common stock into treasury for $36,960 cash. March 15 Reissued 2,360 shares of treasury stock for $27,960 cash. August 15 Reissued 600 shares of treasury stock for $4,600cash. 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, $1,190 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 $266,000 of service revenue, all of which was collected in cash. December 30 Paid $236,000 cash for this year's 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.) Calculate the Debt to Assets Ratio and analyze the impact of the Debt to Assets Ratio. (Round your answer to 2 decimal places.)