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Phantom Incorporated, reported the following account balances on January 1. The company entered into the following transactions during the year. January 15 Issued 15,0 shares

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Phantom Incorporated, reported the following account balances on January 1. The company entered into the following transactions during the year. January 15 Issued 15,0 shares of $1 par common stock for $7, cash. January 31 collected $3,000 from customers on account. February 15 Reacquired 3,200 shares of $1 par common stock into treasury for $35,200 cash. March 15 Reissued 2,200 shares of treasury stock for $26,200 cash. August 15 Reissued 60 shares of treasury stock for $4,60 cash. September 15 Declared (but did not yet pay) a $1 cash dividend on each outstanding share of common stock. October 1 Issued 1,1-year, $1,11 bonds, at a quoted bond price of 11. October 1 Issued 10,10-year, $1,110 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 $250,000 of service revenue, all of which was collected in cash. December 30 Paid $220,000 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 i 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. Trial Balance tab - The option you choose will be the values used to populate the balance sheet tabs. Balance Sheet tab - Prepare the noncurrent liabilities and stockholders' equity sections of the balance sheet at December 31. At the end of the year, the adjusted net income was $20,000. General Journal tab - Prepare a closing journal entry for the income statement accounts, assuming the events on December 29-31 were the only transactions to affect income statement accounts. General Journal tab - After preparing the financial statements, record the closing entry for Dividends. Impact on Debt to Assets Ratio tab - Calculate the Debt to Assets Ratio and analyze the impact of the Debt to Assets Ratio

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