Exercise 18-08 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 $23,000 cash. 11 Paid $3,000 for a 1-year insurance policy. 14 Paid accounts payable of $12,000. 18 Declared cash dividends, $4,000. Additional information: As of February 1, 2020, current assets were $120,000, and current liabilities were $40,000. 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 February 3 February 7 February 11 February 14 February 18