E12-7 Analyzing the Impact of Selected Transactions on the Current Ratio L012-7 Current assets for JC Inc. totalled $35,550, and the current ratio was 1.58. Assume that the following transactions were completed: (1) Purchased merchandise for $5,000 on short-term credit. (2) Purchased a delivery truck for $31,000paid $4,400 cash and signed a two-year interest-bearing note for the balance. Required: Compute the current ratio after each transaction. (Round the final answers to 2 decimal places.) Answer is complete but not entirely correct. Current ratio Transaction (1) Transaction (2) 1.47 1.40