(Liquidity Analysis) The King Carpet Company has $2,970,000 in cash and a total of $11,170,000 in current assets. The firm's current liabilities equal $6,550,000 such that the firm's current ratio equals 1.7. The company's managers want to reduce the firm's cash holdings down to $1,150,000 by paying $507,000 in cash to expand the firm's truck fleet and using $1,313,000 in cash to retire a short-term note. If they carry this plan through, what will happen to the firm's current ratio? The new current ratio is . (Round to one decimal place.) (Related to Checkpoint 4.2) (Capital structure analysis) The liabilities and owners' equity for Campbell Industries is found here: B a. What percentage of the firm's assets does the firm finance using debt (liabilities)? b. If Campbell were to purchase a new warehouse for $1.2 million and finance it entirely with long-term debt, what would be the firm's new debt ratio? a. What percentage of the firm's assets does the firm finance using debt (liabilities)? The fraction of the firm's assets that the firm finances using debt is %. (Round to one decimal place.)