Current assets for Clarke Inc. totalled $878,220, the current ratio was 1.70, and the company uses the periodic inventory method. Assume that the following transactions were completed: (1) Sold $25,830 in merchandise on account. (2) Declared but did not pay dividends of $42,500. (3) Paid rent in advance in the amount of $24,200. (4) Paid previously declared dividends in the amount of $42,500. (5) Collected a accounts receivable in the amount of $21,500. (6) Reclassified $78,400 of long-term