\begin{tabular}{|l|r|} \hline \multicolumn{1}{|c|}{ Liabilities } & \\ \hline Current liabilities: & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline Stockholders' Equity & \\ \hline Total liabilities & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline \end{tabular} Trial Balance Analysis P2-3 (Algo) Recording Transactions in T-Accounts, Preparing the Balance Sheet from a Trial Balance, and Evaluating the Current Ratio LO2-2, 2-4, 2-5 (GL) Jaguar Plastics Company has been operating for three years. At December 31 of last year, the accounting records reflected the following: During the current year, the company had the following summarized activities: a. Purchased short-term investments for $8,700 cash. b. Lent $6,300 to a supplier, who signed a two-year note. c. Leased equipment that cost $25,000; paid $4,300 cash and signed a five-year right-of-use lease for the balance. d. Hired a new president at the end of the year. The contract was for $84,000 per year plus options to purchase company stock at a set price based on company performance. The new president begins her position on January 1 of next year. e. Issued an additional 1,800 shares of $0.50 par value common stock for $17,000 cash. f. Borrowed $15,000 cash from a local bank, payable in three months. g. Purchased a patent (an intangible asset) for $1,100 cash. h. Built an addition to the factory for $26,000; paid $7,700 in cash and signed a three-year note for the balance. i. Returned defective equipment to the manufacturer, receiving a cash refund of $1,700. Compute the current ratio for the current year. Note: Round your answer to 2 decimal places