B1 The following information is taken from the balance sheet of Menendez Company on January 1, Year 1: Current Assets Equipment $ 10,000 Current Liabilities 30,000 Long-term Liabilities 01:08:30 Land 22,000 Common Stock Total Assets $ 62,000 Total Liabilities & Equity On January 2. Year 1, the company earned revenue on account of $2,800 How will this transaction affect the current ratio? Multiple Choice It will decrease the current ratio to 1:1