Halifax Fisheries Inc. began the month of March with $764,000 of current assets, a current ratio of 2.5 to 1, and a quick ratio of 1.1 to 1. During the month, it completed the following transactions: Mar. 6 Bought $86,400 of merchandise on account. (The company uses a perpetual inventory system.) 11 Sold merchandise that cost 70,800 for $120,000. 15 Collected a 30,400 account receivable. 17 Paid a $32,400 account payable.. 19 Wrote off a $14,400 bad debt against Allowance for Doubtful Accounts. 24 Declared a $1.95 per share cash dividend on the 41,400 outstanding common shares. 28 Paid the dividend declared on March 24.. 29 Borrowed $92,000 by giving the bank a 30-day, 13 % note. 30 Borrowed $114,000 by signing a long-term secured note. 31 Used the $206,000 proceeds of the notes to buy additional machinery.