The company entered into the following transactions during the year.

January $15$ Issued $19,000$ shares of $$1$ par common stock for $$78,000$ cash.

January $31$ Collected $$3,000$ from customers on account.

February $15$ Reacquired $3,280$ shares of $$1$ par common stock into treasury for $$36,080$ cash.

March $15$ Reissued $2,280$ shares of treasury stock for $$27,080$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, $$1,150$ 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 $$258,000$ of service revenue, all of which was collected in cash.

December $30$ Paid $$228,000$ cash for this year's wages through December $31.($Ignore payroll taxes and payroll

deductions.$)$

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.$)$

Calculate the debt$-$to$-$assets ratio at December $31.$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, $$1,150$ 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 $$258,000$ of service revenue, all of which was collected in cash.

December $30$ Paid $$228,000$ cash for this year's wages through December $31.($Ignore payroll taxes and payroll

deductions.$)$

and income taxes.$)$

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.$Chestnut Corporation, reported the following account balances on January $1.$

The company entered into the following transactions during the year.

January $15$ Issued $19,000$ shares of $$1$ par common stock for $$78,000$cash.

January $31$ Collected $$3,000$ from customers on account.

February $15$ Reacquired $3,280$ shares of $$1$ par common stock into treasury for $$36,080$ cash.

March $15$ Reissued $2,280$ shares of treasury stock for $$27,080$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, $$1,150$ 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 $$258,000$ of service revenue, all of which was collected in cash.

December $30$ Paid $$228,000$ cash for this year's wages through December $31.($Ignore payroll taxes and payroll

deductions.$)$

and income taxes.$)$

Prepare the journal entries to record each transaction. Review the accounts as shown in the General Ledger and Trial Balance tabs$.($Do

not round intermediate calculations. If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account

field.$)$