Cougar Plastics Company has been operating for three years. At December 31,2014 , the accounting records reflected the following: During the year 2015 , the company had the following summarized activities: a. Purchased short-term investments for $7,400 cash. b. Lent $6,400 to a supplier who signed a two-year note. c. Purchased equipment that cost $27,000; paid $5,700 cash and signed a one-year note for the balance. d. Hired a new president at the end of the year. The contract was for $93,000 per year plus options to purchase company stock at a set price based on company performance. e. Issued an additional 1,400 shares of $0.50 par value common stock for $11,000 cash. f. Borrowed $18,000 cash from a local bank, payable in three months. g. Purchased a patent (an intangible asset) for $1,500 cash. h. Built an addition to the factory for $27,000; paid $7,800 in cash and signed a threeyear note for the balance. 1. Returned defective equipment to the manufacturer, receiving a cash refund of $2,300. 6. Compute the current ratio for 2015 . (Round your answer to 2 decimal places.)