Grogan Inc. Grogan Inc. had the following information available from its 2011 and 2012 financial statements: Balance sheet information: 2011 2012 Current assets $15,000 $20,000 Long-term assets 107,000 207,000 Total assets $122,000 $227,000 Current liabilities $16,000 $11,500 Long-term liabilities 40,000 60,000 Total liabilities $56,000 $71,500 Common stock $30,000 $71,750 Retained earnings 36,000 83,750 Total stockholders' equity $66,000 $155,500 Income statement information: Income before interest and taxes $50,000 $105,000 Interest expense 4,000 6,000 Tax expense 10,000 26,250 Net income $36,000 $72,750 Other information: Dividends paid to stockholders $0 $25,000 Average income tax rate 20% 25% Net cash flows from operations $25,000 $75,000 Cash paid for acquisitions $10,000 $85,000 Refer to the Grogan Inc. information above. Grogan's current ratio for 2012 is: (round to two decimal places) a. .57. b. 3.17. c. 1.74. d. 1.11.