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 484,400 113,900 Accumulated depreciation Bonds payable Long-term investment Note payable, short-term 50,000 Cash 23,700 39,000 13,300 300,000 88,000 Prepaid rent (current) 54,000 Common stock 231,500 Retained earnings, 12/31/2019 Furniture 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 1) 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. adequate current assets to cover all of the current abities that will become due in The working capital and current ratios show that College Spirit the near future