3. The balance sheet of Delray Inc. includes the following items: Cash $ 21,500 Accounts receivable 12,400 Inventory 45,300 Prepaid insurance 1,800 Land 80,000 Accounts payable 49,000 Salaries payable 1,625 Capital stock 105,100 Retained earnings 5,700 Required: (1) Determine the current ratio and working capital. (2) What does the composition of the current assets tell you about Delray's liquidity? (3) What other information do you need to fully assess Delray's liquidity