College Spirit sells sportswear with logos of major universities. At the end of 2019, the following balance sheet account balances were available. Accounts payable $104,700 Income taxes payable $ 11,400 Accounts receivable 6,700 Inventory 495,400 Accumulated depreciation 23,700 Long-term investment 124,900 Bonds payable 50,000 Note payable, short-term 50,000 Cash 13,300 Prepaid rent (current) 54,000 Common stock 300,000 Retained earnings, 12/31/2019 242,500 Furniture 88,000 Required: 1. Prepare a classified balance sheet for College Spirit at December 31, 2019 College Spirit Balance Sheet December 31, 2019 Assets Current assets: Total current assets Long-term investments: Property, plant, and equipment: Total assets Liabilities Current liabilities: Total current liabilities Long-term liabilities: Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity 2. Compute College Spirit's working capital and current ratio at December 31, 2019. Round the current ratio answer to two decimal places. Working Capital Current Ratio 3. Conceptual Connection: Comment on College Spirit's liquidity as of December 31, 2019. The working capital and current ratios show that College Spirit adequate current assets to cover all of the current liabilities that will become due in the near future