On January 1, 5G Co. reported current assets of $72,000 and current liabilities of $60,000. Compute total current assets, total current liabilities, and the current ratio at January 1 and after each of the following transactions.

Jan. 5 Purchased equipment to be used in operations for $18,000 cash.

Jan. 12 Paid $5,000 cash for accounts payable.

Jan. 18 Acquired a building in exchange for a $99,000 long-term note payable, first payment to occur in 3 years.

Jan. 22 Purchased $12,000 of merchandise on credit, terms n/45.

Jan. 31 Sold outdated machinery for $12,700 cash.