Company As balance sheet showed current assets of $5,000,000 and current liabilities of $3,000,000 before the following events. The Company refinanced a note due in 3 months with another note due in 4 years. The amount of the note is $500,000 The Company determined that $200,000 of accounts receivable will have to be written off. The Company leased a piece of equipment. The equipment cost $1,000,000 with annual equal payments of $50,000. Goodwill of $100,000 was deemed to be impaired and was written off. Compute working capital. Show calculations.