At December 31, 2019, Mary Smith Corporation reported current assets of $358,170 and current liabilities of $190,300. The following items may have been recorded incorrectly.

1.		Goods purchased costing $19,960 were shipped f.o.b. shipping point by a supplier on December 28. Smith received and recorded the invoice on December 29, 2019, but the goods were not included in Smiths physical count of inventory because they were not received until January 4, 2020.
2.		Goods purchased costing $14,800 were shipped f.o.b. destination by a supplier on December 26. Smith received and recorded the invoice on December 31, but the goods were not included in Smiths 2019 physical count of inventory because they were not received until January 2, 2020.
3.		Goods held on consignment from Claudia Kishi Company were included in Smiths December 31, 2019, physical count of inventory at $12,340.
4.		Freight-in of $2,740 was debited to advertising expense on December 28, 2019.

Compute the current ratio based on Smiths balance sheet. (Round ratio to 2 decimal places, e.g. 2.31:1.) Recompute the current ratio after corrections are made. (Round ratio to 2 decimal places, e.g. 2.31:1.) 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.