Exercise 13-12 (Algo) Analyzing effect of transactions on current ratio LO P3 On January 1, 5G Company reported current assets of $108,000 and current liabilities of $90,000. Compute total current assets, total current liabilities, and the current ratio at January 1 and after each of the following transactions. (Round current ratio to two decimal places. Amounts to be deducted should be indicated with a minus sign.) January 5 Purchased equipment to be used in operations for $27,000 cash. January 12 Paid $7,500 cash for accounts payable. January 18 Acquired a building in exchange for a $148,500 long-term note payable, first payment to occur in 3 years. January 22 Purchased $18,000 of merchandise on credit, terms n/45. January 31 Sold outdated machinery for $19,050 cash. Answer is complete but not entirely correct. Current Date Current Assets Current Liabilities Ratio January 1 $ 108,000 $ 90,000 1.20 January 5 27,000 Balance, January 5 135,000 90,000 1.50 x January 12 7,500 7,500 Balance, January 142,500 97,500 1.46 12 January 18 Balance, January 142,500 97,500 1.46 x 18 January 22 18,000 18,000 Balance, January 160,500 115,500 1.39 22 January 31 19,050 Balance, January 179,550 115,500 1.55 x 31