At its prior year-end, VPN Company reported current assets of $62,500 and current liabilities of $56,000. 1. Acquired inventory for $300 cash. 2. Sold a long-term asset (equipment) for $4,500 cash. 3. Accrued wages payable of $2,000. Determine how each of the above transactions would increase, decrease, or have no effect on total current assets, total current liabilities, and the current ratio. Transaction 1. Current Assets Current Liabilities Current Ratio 2 3. Decrease Increase No Effect