Exercise 1-42 Classified Balance Sheet College Spirit sells sportswear with logos of major universities. At the end of 2019, the following balance sheet account balances were available. Accounts payable $104,700 Income taxes payable $11,400 Accounts receivable 6,700 Inventory 481,400 Accumulated depreciation 23,700 Long-term investment 110,900 Bonds payable 180,000 Note payable, short-term 50,000 Cash 13,300 Prepaid rent (current) 54,000 Common shares 300,000 Retained earnings, 12/31/2019 84,500 Furniture 88,000 Required: 1. Prepare a classified balance sheet for College Spirit at December 31, 2019, College Spirit Balance Sheet December 31, 2019 Current assets: Current assets: vll Total current assets Long-term investments: Property, plant, and equipment: Total assets Liabilities Current liabilities: TUBIRI Current liabilities: Total current liabilities Long-term liabilities: 0 00 Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity 2. Compute College Spirit's working capital and current ratio at December 31, 2019. Round the current ratio answer to two decimal nacer Working Capital Cuenta Working Capital Current Ratio 3. Conceptual Connection: Comment on College Spirit's liquidity as of December 31, 2019 The worldng capital and current ratios show that College Spirit adequate current assets to cover all of the current liabilities that will become due in the near future