Halifax Fisheries Inc. began the month of March with $765,000 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 $86,500 of merchandise on account. (The company uses a perpetual inventory system.) 11 Sold merchandise that cost $71,000 for $120,500. 15 Collected a $30,500 account receivable. 17 Paid a $32,500 account payable. 19 Wrote off a $14,500 bad debt against Allowance for Doubtful Accounts. 24 Declared a $2.00 per share cash dividend on the 41,500 outstanding common shares. 28 Paid the dividend declared on March 24. 29 Borrowed $92,500 by giving the bank a 30-day, 14% note. 30 Borrowed $115,000 by signing a long-term secured note. 31 Used the $207,500 proceeds of the notes to buy additional machinery..