East Hill Home Healthcare Services was organized five years ago by four friends who each invested $16,000 in the company and, in turn, were issued in total 8,300 shares of $1.00 par value common stock. To date, they are the only stockholders. At the end of last year, the accounting records reflected total assets of $734,000 ($60,000 cash; $516,000 land; $55,000 equipment; and $103,000 buildings), total liabilities of $215,000 (short-term notes payable $102,000 and long-term notes payable $113,000), and stockholders equity of $519,000 ($21,000 common stock; $86,000 additional paid-in capital; and $412,000 retained earnings). During the current year, the following summarized events occurred: Sold 10,400 additional shares of stock to the original organizers for a total of $95,000 cash. Purchased a building for $53,000, equipment for $10,000, and four acres of land for $20,000; paid $14,000 in cash and signed a note for the balance (due in 15 years). (Hint: Five different accounts are affected.) Sold one acre of land acquired in (b) for $5,000 cash to another company. Purchased short-term investments for $10,500 cash. One stockholder reported to the company that 350 shares of his East Hill stock had been sold and transferred to another stockholder for $3,500 cash. Lent one of the shareholders $5,000 for moving costs and received a signed, six-month note from the shareholder. Required: 1. Was East Hill Home Healthcare Services organized as a sole proprietorship, a partnership, or a corporation? 2. During the current year, the records of the company were inadequate. You were asked to prepare the summary of transactions shown above. To develop a quick assessment of their economic effects on East Hill Home Healthcare Services, you have decided to complete the tabulation that follows and to use plus (+) for increases and minus () for decreases for each account. The first event is used as an example. 4. Based only on the completed tabulation, provide the following amounts: 5. Compute the current ratio for the current year.