E12-15 Analyzing the Impact of Selected Transactions on the Current Ratio LO12-9 Current assets for Clarke Inc. totalled $1,000,000, the current ratio was 2.0 , and the company uses the periodic inventory system. Assume that the following transactions were completed: (1) sold $26,000 in merchandise on account, (2) declared but did not pay dividends of $40,000, (3) paid rent in advance in the amount of $24,000, (4) paid previously declared dividends in the amount of $40,000, (5) collected an account receivable for $20,000, and (6) reclassified $90,000 of long-term debt as a current liability. Page 733 Required: Compute the current ratio after each transaction