At December 31, 2019, Sarah Allen Corporation reported current assets of $351,390 and current liabilities of $217,400. The following items may have been recorded incorrectly. 1. 2. Goods purchased costing $23,660 were shipped f.o.b. shipping point by a supplier on December 28. Allen received and recorded the invoice on December 29, 2019, but the goods were not included in Allen's physical count of inventory because they were not received until January 4, 2020. Goods purchased costing $16,470 were shipped f.o.b. destination by a supplier on December 26. Allen received and recorded the invoice on December 31, but the goods were not included in Allen's 2019 physical count of inventory because they were not received until January 2, 2020. Goods held on consignment from Claudia Kishi Company were included in Allen's December 31, 2019, physical count of inventory at $14,080. Freight-in of $2,780 was debited to advertising expense on December 28, 2019. 3. 4. Compute the current ratio based on Allen's balance sheet. (Round ratio to 2 decimal places, e.g. 2.31:1.) The current ratio 1.62 :1 e Textbook and Media Recompute the current ratio after corrections are made. (Round ratio to 2 decimal places, e.g. 2.31:1.) The current ratio 1.37 :1 e Textbook and Media 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. Adjust Income $ 54210 e Textbook and Media