E13-14 Analyzing the Impact of Selected Transactions on the Current Ratio (LO 13-4, LO 13-5] A company has current assets that total $500,000, has a current ratio of 2.00, and uses the perpetual inventory method. Assume that the following transactions are then completed: (1) sold $12,000 in merchandise on short-term credit for $15,000, (2) declared but did not pay dividends of $50,000, (3) paid prepaid rent in the amount of $12,000, (4) paid previously declared dividends in the amount of $50,000, (5) collected an account receivable in the amount of $12,000, and (6) reclassified $40,000 of long-term debt as a current liability. Required: Compute the updated current ratio after each transaction, by showing the cumulative effects of the transactions in the following table. (Round your answers to 2 decimal places.) Answer is complete but not entirely correct. Current Ratio 1.55 X 1.55 1.55 Transaction (1) Transaction (2) Transaction (3) Transaction (4) Transaction (5) Transaction (6) 1.65 X 1.65 x 1.44 X