(7) Analysis of Financial Statements. The market value of Farmington Corp.'s common shares was quoted at $54 per share at December 31, 2018, and 2017. Planetarium 's balance sheet at December 31, 2018, and 2017, and statement of income and retained earnings for the years then ended are presented below: Farmington Corp. Balance Sheet December 31 2018 2017 Assets: Current assets: Cash Short-term investments Accounts receivable (net) Inventories, lower of cost or market Prepaid expenses Total current assets $ 5,200,000 15,400,000 111,000,000 140,000,000 2.800.000 $274,400,000 $ 9,000,000 17,200,000 109,000,000 122.000.000 4.000.000 $261,200,000 350,000,000 2,800,000 15,000,000 6,000,000 8,000,000 $643.000.000 Property, plant, and equipment (net) Investments, at equity Long-term receivables Copyrights and patents (net) Other assets Total assets 315,000,000 3,500,000 20,000,000 7,000,000 9.100.000 $629.000.000 Liabilities and Stockholders' Equity Current liabilities: Notes payable Accounts payable Accrued expenses Income taxes payable Current portion of long-term debt Total current liabilities $ 7,000,000 55,000,000 27,500,000 1,500,000 10.000.000 101,000,000 $ 17,000,000 52,000,000 30,000,000 2,000,000 9.500.000 110,500,000 Long-term debt Deferred income taxes Other liabilities Total liabilities 180,000,000 69,000,000 15,000,000 365,000,000 190,000,000 65,000,000 9,500,000 375,000,000 12,000,000 12,000,000 Stockholders' equity: Common stock, par value $1; authorized 20,000,000 shares; issued and outstanding 12,000,000 shares 10% cumulative preferred shares, par value $100; $100 liquidating value; authorized 100,000 shares; issued and outstanding 60,000 shares Additional paid-in capital Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 6,000,000 119,000,000 141.000.000 278.000.000 $643,000,000 6,000,000 119,000,000 117.000.000 254.000.000 $629,000,000 Farmington Corp. Statement of Income and Retained Earnings Year ended December 31 2018 2017 $540,000,000 $500,000,000 Net sales Cost and expenses: Cost of goods sold Selling, general, and administrative expenses Other, net Total costs and expenses 390,900,000 70,000,000 9.100,000 470,000,000 400,000,000 65,000,000 6,000,000 471,000,000 Income before income taxes Income taxes Net income 70,000,000 21,000,000 49,000,000 29,000,000 11,600,000 17,400,000 Retained earnings at beginning of period Dividends on common stock Dividends on preferred stock Retained earnings at end of period 117,000,000 (24,400,000) (600,000) $141,000,000 113,100,000 (12,900,000) _ (600,000) $117,000,000 Based on the above information, compute the following for the year 2018 only): (Show supporting computations in good form.) (a) Current ratio (b) Acid-test (quick) ratio. (c) Accounts receivable turnover. (d) Inventory turnover