At December 31, 2016, Kingbird Corporation reported current assets of $394,140 and current liabilities of $198,100. The following items may have been recorded incorrectly. 1. Goods purchased costing $20,520 were shipped f.o.b. shipping point by a supplier on December 28. Kingbird received and recorded the invoice on December 29, 2016, but the goods were not included in Kingbird's physical count of inventory because they were not received until January 4, 2017 2. Goods purchased costing $13,590 were shipped f.o.b. destination by a supplier on December 26. Kingbird received and recorded the invoice on December 31, but the goods were not included in Kingbird's 2016 physical count of inventory because they were not received until January 2, 2017 3. Goods held on consignment from Claudia Kishi Company were included in Kingbird's December 31, 2016, physical count of inventory at $12,140 4. Freight-in of $2,990 was debited to advertising expense on December 28, 2016 Compute the current ratio based on Kingbird's balance sheet. (Round ratio to 2 decimal places, e.g. 2.31:1.) The current ratio LINK TO TEXT Recompute the current ratio after corrections are made. (Round ratio to 2 decimal places, e.g. 2.31:1.) The current ratio LINK TO TEXT By what amount will income (before taxes) be adjusted up or down as a result of the corrections? Assume that goods are sold in item #4