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e Sheets PNG Company Comparative Balanc Use the following comparative balance sheets, income statement, and additional information to answer questions (1) through (5) PNG Company Comparative Balance Sheets For the year ended December 31 20X1 Current assets Cash Accounts receivable Inventor Prepaid rent $157,000 49,000 53,700 11,400 271,100 $105,000 62,000 36,100 8,300 211,400 Total current assets Long-term assets Investment in bonds Land Equipment (net 30,000 216,300 14,500 360,800 14,800 184,200 137,900 336,900 Total long-term assets Total assets Current liabilities S 61,300 4,900 15,400 81,600 52,700 8,500 2,600 73,800 Accounts payable Interest payable Income tax payable Total current liabilities Long-term liabilities Bonds pavable 173,800 205,400 Stockholders' equ Common stock Retained earnin 183,500 193,000 165,200 103,900 Total stockholders equit PNG Company Income Statement For the year ended December 31, 20X1 Revenues Sales revenue Cost of goods sold $2,380,000 1,240,000 1,140,000 Gross profit Expenses Operating expenses Depreciation expense Interest expense Income tax expense 899,600 23,400 19,000 61,000 1,003,000 Total expenses Net Income Additional Information for PNG Co. in 20X1: 1. All sales were on account 2. Earnings per share were $2.00 3. The closing stock price on 12/31/X1 was $15.40 4. PNG had 68,500 of its only class of (common) stock outstanding on 12/31/X1 1. What was PNG Company's current ratio for the year 20X1