Franklin Companys current assets totaled $5.63 million in 2013 and $6.87 million in 2014. Its current liabilities totaled $4.26 million in 2013 and $5.65 million in 2014. In completing a horizontal analysis, which of the following is true?

The percentage change in current liabilities is 24.60%.

The percentage change in current assets is 22.02%.

The denominator in the calculation of the change in current liabilities is $5.65 million.

Since the percentage change in current assets is greater than the percentage change in current liabilities, the current ratio also declined.