Due to the pandemic, television viewership has increased during the past year. The number of viewers has nearly doubled for television shows like The CPA Bachelor and The Real Housewives of CPAs. Critics and viewers have described these shows as "spicy" and "scintillating" and "just as thrilling as studying for the CPA exam". The CPA Television Network would like to evaluate the company's liquidity before deciding whether to invest in "spin-off" shows. The company has been operating for several years, and on December 31, 2020, presented the following balance sheet. Balance Sheet December 31, 2020 $ 40,000 Accounts payable $ 80,000 75,000 Mortgage payable 140,000 95,000 Common stock (S1 par) 150,000 60,000 $430,000 Cash Receivables Inventory Plant assets (net) 220,000 Retained earnings $430,000 The net income for 2020 was $25,000. Assume that total assets are the same in 2019 and 2020. Part 1: Compute the current ratio Part 2: Compute the acid-test ratio