Current assets for Clarke Inc. totalled $1,121,400, the current ratio was 2.00 , and the company uses the periodic inventory method. Assume that the following transactions were completed: (1) Sold $28,035 in merchandise on account. (2) Declared but did not pay dividends of $41,700. (3) Paid rent in advance in the amount of $25,500. (4) Paid previously declared dividends in the amount of $41,700. (5) Collected a accounts receivable in the amount of $28,000. (6) Reclassified $70,300 of long-term debt as a short-term liability