Exercise 14-8 Gwynn Incorporated had the following transactions involving current assets and current liabilities during February 2020. Feb. 3 Collected accounts receivable of $15,000. 7 Purchased equipment for $27,100 cash. Paid $2,200 for a 1-year insurance policy. Paid accounts payable of $12,000. Declared cash dividends, $4,900. 11 14 18 Additional information: As of February 1, 2020, current assets were $135,270, and current liabilities were $50,100. Compute the current ratio as of the beginning of the month and after each transaction. (Round answers to 2 decimal places, e.g. 1.67.) Current ratio February 1 :1 February 3 :1 February 7 :1 February 11 :1 February 14 :1 February 18 :1