Exercise 10-21 Suppose 3M Company reported the following financial data for 2022 and 2021 (in millions). 2021 3M COMPANY Balance Sheet (partial) 2022 Current assets Cash and cash equivalents $2,990 Accounts receivable, net 3,195 Inventories 2,590 Other current assets 1,815 Total current assets $10,590 Current liabilities $4,604 $1,795 3,145 2,955 1,485 $9,380 $5,652 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 :1 LINK TO TEXT Suppose that at the end of 2022, 3M management used $500 million cash to pay off $500 million of accounts payable. What would the new ratio be? (Round answer to 2 decimal places, e.g. 1.25:1) Current ratio :1 Click if you would like to Show Work for this question: Open Show Work LINK TO TEYT