At December 31, 2016, Pharoah Corporation reported current assets of $369, 310 and current liabilities of &188, 4O0. The following Items may have been recorded Incorrectly. 1. Goods purchased costing 322, 090 were shipped f.o.b. shipping point by on supplier on December 26. Pharoah received and recorded the invoice on December 29, 2016, but the goods were not included in Pharoah's physical count of inventory because they were not received until January 4, 2017. 2. Gooes purchased costing $15, 270 were shipped f.o.b. destination by a supplier on December 26. Pharoah received and recorded the invoice or December 31, but me goods were not included in Pharoah's 2016 physical court of Inventory because they were not received until January 2, 2017. 3. Goods held on consignment from Claudia Kishi Company were included in Pharoah's December 31, 2016, physical court of inventory at $13, 380. (a). Freight-in of $2, 870 was debited to advertising expense on December 28, 2016. (a) Compute the current ratio based on Pharoah's balance sheet. (Round ratio to 2 decimal places, e.g. 2.31:1.) The current ratio (b) Recompute the current ratio alter corrections are made. (Round ratio to 2 decimal places, e.g. 2.31:1.) The current ratio (c) 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