3. Indicate the effects of the transaction listed below on total current assets, current ratio, and net income. Use (+) to indicate an increase, (-) to indicate a decrease, and (0) to indicate either no effect or an indeterminate effect. Be prepared to state any necessary assumptions and assume an initial current ratio of more than 1.0. (You do not need to show your work for this question.) Total CA Current Ratio Effect on NI a) Fixed asset is sold below its book value b) Payment is made to accounts payable (for previous purchases) c) Inventory is sold on credit at a profit d) Inventory is purchased with cash