Exercise 10-21 Suppose 3M Company reported the following financial data for 2022 and 2021 (in millions). 3M COMPANY Balance Sheet (partial) 2022 2021 Current assets Cash and cash equivalents $2,995 $1,800 Accounts receivable, net 3,200 3,150 Inventories 2,595 2,960 Other current assets 1,820 1,490 Total current assets $10,610 $9,400 $4,244 $5,640 Current liabilities Calculate the current ratio for 3M for 2022 and 2021. (Round answers to 2 decimal places, e.g. 1.25:1) 2022 2021 Current ratio 1 11 CALCULATOR BACK NE Suppose that at the end of 2022, 3M management used $600 million cash to pay off $600 million of accounts payable. What would the new ratio be? (Round answer to 2 decimal places, e.g. 1.25:1) Current ratio Click if you would like to Show Work for this question: Open Show Work