A construction company completed its second year of operations on December 31, 2020 with cash of $40,000 and inventory of $80,000. The amount owing on its mortgage was $365,000. The company had bills totalling $200,000 which were due to be paid within the next six (6) months and also expected to collect the $160,000 owed to it by its customers by that time. Prepaid insurances totalled $20,000. In December 2020 the company received a mobilization of $35,000 for a job due to start in January 2021.

Patents owned by the company are valued at $50,000 and (long-term) investments at $30,000. The company purchased the land on which its factory is located for $500,000 and its plant and equipment was purchased at the start-up of operations, for $600,000. Annual depreciation is on a straight-line basis over twelve (12) years (no salvage value).

Shareholders own $380,000 of common stock and the (after tax) profits/net earnings for the years 2018, 2019 and 2020 was $100,000, $150,000 and $250,000 respectively, 20% of which was paid out as dividends each year.

Prepare the companys Balance Sheet as at December 31, 2020 and compute the Current and Quick Ratios.