Gil Corporation has current assets of $90,000 and current liabilities of $180,000. Required: Determine Gil Corporations initial current ratio and then compute the effect of each of the following independent transactions on Gil's current ratio. (Round your answers to 2 decimal places. If a transaction does not affect Gil's current ratio, select "is not affected" from the dropdown list and enter "O" or leave the cell blank in the numeric entry field.) 1. What is Gil's initial current ratio? 2. What is the effect on Gil's current ratio if a refinancing on a $30,000 long-term mortgage with a short-term note occurs? 3. What is the effect on Gil's current ratio if a purchase of $50,000 of merchandise inventory with short-term accounts payable occurs? 4. What is the effect on Gil's current ratio if a payment of $20,000 of short-term accounts payable occurs? 5. What is the effect on Gil's current ratio if a collection of $10,000 of short-term accounts receivable occurs? 1 Gil's initial current ratio is 2 Current ratio 3 Current ratio 4 Current ratio 5 Current ratio