Byrd Company had the following transactions during $2019$ and $2020$:

$1.$ On December $24,2019,$ a computer was purchased on account from Computers International for $$60,000.$ Terms of the sale were $2/10,$ n$/30.$

$2.$ Byrd calculated that to forgo the discount for the computer would be the equivalent of paying $36\%$ interest annually for the extra $20$ days. Therefore, Byrd went to First Local Bank and signed a $$60,000,30-$day note at $12\%$ in order to take advantage of the discount terms. This transaction took place on December $29,2019.($The account payable was paid on January $2,2020,$ and the note was paid at maturity. Assume a $360-$day year.$)$

$3.$ On December $30,2019,$ Byrd declared a $$2\mathrm{.}00$ cash dividend to the common shareholders. Ten thousand shares were outstanding on this date. The dividend is to be paid on January $5,2020.$

Required:

$1.$ Prepare the journal entries for Byrd for both $2019$ and $2020.$ Assume that the net price method is used to account for the credit terms.

$2.$ Show how the preceding items would be reported in the current liabilities section of Byrd$$s December $31,2019,$ balance sheet.

$3.$ Next Level Assuming Byrd$$s current assets were $$1,200,000$ and its current ratio was $2\mathrm{.}4$ at the end of $2018,$ compute the current ratio at the end of $2019($based solely on the effects of the preceding transactions$).$