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Required information P2-3 (Algo) Recording Transactions in T-Accounts, Preparing the Balance Sheet from a Trial Balance, and Evaluating the Current Ratio LO2-2, 2-4, 2-5 [The following information applies to the questions displayed below] Jaguar Plastics Company has been operating for three years. At December 31 of last year, the accounting records reflected the following: During the current year, the company had the following summprized activities: a. Purchased short-term investments for $8,900 cash. b. Lent $5,900 to a supplier, who signed a two-year note. c. Leased equipment that cost \$22.000; paid $4,500 cash and signed a five-year right-of-use lease for the balance. d. Hired a new president at the end of the year. The contract was for $89.000 per year plus options to purchase company stock at a set price based on company performance. The new president begins her position on January 1 . of next year. e. Issued an additional 1,500 shares of $0.50 par value common stock for $13,000 cash. f. Borrowed $16,000 cash from a local bank, payable in three months. 9. Purchased a patent (an intangible asset) for $2,100 cash. h. Built an addition to the factory for $25,000; paid $7,600 in cash and signed a three-year note for the balance. 1. Returned defective equipment to the manufacturer, receiving a cash refund of $2,300. P2-3 Part 6 Required: 6. Compute the current ratio for the current year. Note: Round your answer to 2 decimal places