Current and Quick Ratios The Nelson Company has $1,560,000 in current assets and $600,000 in current liabilities. Its initial inventory level is $420,000, and it will raise funds as additional notes payable and use them to increase inventory

. How much can Nelson's short-term debt (notes payable) increase without pushing its current ratio below 2.5? Round your answer to the nearest cent. $

What will be the firm's quick ratio after Nelson has raised the maximum amount of short-term funds? Round your answer to two decimal places.