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Problem 13-3A (Algo) Transactions, working capital, and liquidity ratios LO P3 Plum Corporation began the month of May with $1,300,000 of current assets, a current ratio of 2.10.1, and an acid-test ratio of 1.40.1. During the month, it completed the following transactions (the company uses a perpetual inventory system). May 2 Purchased $60,000 of merchandise inventory on credit. May 8 sold merchandise inventory that cost $50,00 for $160,000 cash. May 10 collected $23,600 cash on an account receivable. May 15 Paid $31,000 cash to settle an account payable. May 17 wrote off a 55,080 bad debt against the Allowance for Doubtfu1 Accounts account. May 22 Declared a \$1 per share cash dividend on its 58,900 shares of outstanding coemon stock. May 26 Paid the dividend declared on May 22. May 27 Borrowed 390,000 cash by giving the bank a 30 -day, 108 note. May 28 Borrowed 5115,000 cash by signing a long-tern secured note, May 29 Used the $205,600 cash proceeds from the notes to buy new machinery. Required: Complete the table below showing Plum's (1) current ratio, (2) acid-test ratio, and (3) working capital after each transaction. Note: Do not round intermediate colculations. Round your ratios to 2 decimal places and the working capitals to nearest dollar amount. Amounts to be deducted should be indicated with o minus sign. amount. Amounts to be deducted should be indicated with a minus sign