8. Logan Lodging Services Company reported the following information: Assets, 1/1/04 $ 970,000 Assets, 12/31/05 1,250,000 Revenues during 2004 1,630,000 Revenues during 2005 1,810,000 Expenses during 2004 1,520,000 Expenses during 2005 1,650,000 Additional Capital Stock sold to Stockholders in 2004 1 10,000 Dividends declared and paid during 2004 65,000 Dividends declared and paid during 2005 90,000 Liabilities, 12/31/05 780,000 Liabilities at January 1, 2004, therefore, were a. $275,000 b. $505,000 0. $615,000 d. $725,000 e. None of the above. 9. At January 1, 2005, a rm had $481,000 in current assets, $750,000 in stockholders' equity, and a current ratio of 1.85. During the year only the following transactions occurred: - paid $211,000 on a long-term note payable - earned $1,020,000 of service revenue, receiving $690,000 in cash and the rest on account - paid $55,000 of short-term payables - accrued $110,000 of general expenses - paid $825,000 of operating expenses, of which $760,000 was for 2005 and the rest was for 2004 What was the current ratio at December 31, 2005 (rounded)? a. 2.08 b. 1.96 c. 1.76 d. 1.64 e. None of the above