East Hill Home Healthcare Services was organized on January $1,2022$ by four friends. Each organizer invested $$10,000$ in the company and, in turn, was issued $8,000$ shares. To date, they are the only shareholders. At the end of $2023,$ the accounting records reflected total assets of $$982,000($$$86,000$ cash, $$620,000$ land, $$86,000$ equipment, and $$190,000$ buildings$),$ total liabilities of $$452,000($short$-$term notes payable of $$100,000$ and long$-$term notes payable of $$352,000),$ and shareholders$$ equity of $$530,000($$$100,000$ contributed capital and $$430,000$ retained earnings$).$ The following summarized events occurred during January $2024$: East Hill Home Healthcare Services was organized on January $1,2022$ by four friends. Each organizer invested $$10,000$ in the

company and, in turn, was issued $8,000$ shares. To date, they are the only shareholders. At the end of $2023,$ the accounting records

reflected total assets of $$982,000($ $$86,000$ cash, $$620,000$ land, $$86,000$ equipment, and $$190,000$ buildings$),$ total liabilities of

$$452,000($short$-$term notes payable of $$100,000$ and long$-$term notes payable of $$352,000),$ and shareholders' equity of $$530,000$

$($ $$100,000$ contributed capital and $$430,000$ retained earnings$).$ The following summarized events occurred during January $2024$ :

a$.$ Sold $9,000$ additional shares to the original organizers for a total of $$90,000$ cash.

b$.$ Purchased a building for $$62,000,$ equipment for $$16,000,$ and four acres of land for $$12,000$; paid $$10,000$ in cash and signed a

note for the balance $($due in $15$ years$).($Hint: Five different accounts are affected.$)$

c$.$ Sold one acre of land acquired in $($b$)$ for $$3,500$ cash to another company.

d$.$ Purchased short$-$term investments for $$17,000$ cash.

e$.$ One shareholder reported to the company that he sold $700$ East Hill shares to another shareholder for $$7,000$ cash.

$f.$ Lent $$6,800$ to one of the shareholders for moving costs, receiving a signed six$-$month note from the shareholder.

Required:

Was East Hill Home Healthcare Services organized as a sole proprietorship, a partnership, or a corporation?

Sole proprietorship

Partnership

Corporation

During January $2024,$ the records of the company were inadequate. You were asked to prepare the summary of the preceding

transactions. To develop a quick assessment of their economic effects on East Hill Home Healthcare Services. $($If a transaction does

not require an entry, leave the cells blank. Enter any decreases to account balances with a minus sign.$)$ Based only on the completed tabulation, provide the following amounts at January $31,2024.$

Compute the current ratio at January $31,2024.($Round the final answer to $2$ decimal places.$)$