Jaguar Plastics Company has been operating for three years. At December 31 of last year, the accounting records reflected the following: Cash Investments (short-term) Accounts receivable Inventory Notes receivable (long-term) Equipment $20,000 Accounts payable 2,400 Accrued liabilities payable 4,800 Notes payable (current) 33,000 Notes payable (noncurrent) 1,200 Long-term lease liabilities 59,000 Common stock $20,000 3,800 6,300 48,000 63,000 9,300 Factory building Operating lease right-of-use assets Intangible assets 100,000 Additional paid-in capital 140,000 Retained earnings 3,400 83,700 129,700 During the current year, the company had the following summarized activities: a. Purchased short-term investments for $8,300 cash. b. Lent $6,700 to a supplier, who signed a two-year note. c. Leased equipment that cost $22,000; paid $4,100 cash and signed a five-year right-of-use lease for the balance. d. Hired a new president at the end of the year. The contract was for $81,000 per year plus options to purchase company stock at a set price based on company performance. The new president begins her position on January 1 of next year. e. Issued an additional 2,300 shares of $0.50 par value common stock for $11,000 cash. f. Borrowed $15,000 cash from a local bank, payable in three months. g. Purchased a patent (an intangible asset) for $2,300 cash. h. Built an addition to the factory for $25,000; paid $7,100 in cash and signed a three-year note for the balance. i. Returned defective equipment to the manufacturer, receiving a cash refund of $1,900. Required: 6. Compute the current ratio for the current vear.