A company has current assets that total $525,000, has a current ratio of 1.50, and uses the perpetual inventory method. Assume that the following transactions are then completed: (1) sold $13,000 in merchandise on short-term credit for $17,000, (2) declared but did not pay dividends of $60,000, (3) paid prepaid rent in the amount of $13,200, (4) paid previously declared dividends in the amount of $60,000, (5) collected an account receivable in the amount of $13,000, and (6) reclassified $50,000 of long-term debt as a current liability Required: Compute the updated current ratio after each transaction, by showing the cumulative effects of the transactions in the following table. (Round your answers to 2 decimal places.) Current Ratio Transaction (1) 1.40 2) Transaction (3) Transaction (4) Transaction (5) Transaction (6)