JUST NEED PART B

The chief financial officer (CFO) of Pharoah Company requested that the accounting department prepare a preliminary balancesheet on December 30,2022 , so that the CFO could get an idea of how the company stood. He knows that certain debt agreements with its creditors require the company to maintain a current ratio of at least 2:1. The preliminary balance sheet is as follows. Equipment inet] \begin{tabular}{ll} Total assets & 201,300 \\ \hline \end{tabular} Current liabilities Accounts payable: $22.600 Salaries and wages payable 11,300533.900 Lons-term liabilities Notes payable Total liabilities 124,58090,680 Stockholders' equity Common stock 100,000 Retained earnings 51,300$275,880151,300 Calculate the current ratio and working capital based on the preliminary balance sheet. (Round current ratio to 1 decimal place, es. 0.7:1. Current ratio it Working capital $ Based on the results in (a), the CFO requested that $22,600 of cash be used to pay off the balance of the accounts payable account on December 31, 2022. Calculate the new current ratio and working capital after the company takes these actions. (Round current ratio to 1 decimal place, eg. 0.7:1.) Current ratio 1 Working capital $