Exercise 11-21 (similar to) Question Help Suppose the balance sheets of a corporation for two years reported these figures: i (Click the icon to view the balance sheet.) The notes to the 2020 financial statements report that because of some refinancing arrangements, the corporation was able to reclassify $6.0 million from current liabilities to long-term liabilities during 2020. Required 1. Compute the corporation's current ratio (current assets = current liabilities) at the end of each year. Describe the change between the years that you observe. Suppose that the corporation had not refinanced and not been able to reclassify the $6.0 million of current liabilities as long term during 2020. Recompute the current ratio for 2020 to include the $6.0 million. Why do you think the corporation decided reclassify the liabilities as long-term? Requirement 1. Compute the corporation's current ratio at the end of each year. (Round your answers to two decimal places.) i Balance sheet - X Current ratio 2020 Current ratio 2019 Millions 2020 2019 Total current assets $ 24.60 22.95 Property, plant, and equipment, net 44.74 41 20 Total assets $ 69.34 $ 64. 15 Total current liabilities $ 12 06 15.55 Long-term liabilities 30.00 23 32 Shareholders' equity 27 28 25.28 Total liabilities and shareholders' equity $ 69 34 64 15 Enter your answer in the edit fields and then click Check Answer. Print Done 3 parts remaining Clear All Type here to search O HI 1 0 0 0ENG 8:00 PM 2020-05-30