LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2019 and 2020 2020 2019 Gross sales $22,600 $17,700 Sales returns and allowances 1,000 100 Net sales $21,600 $17,600 Cost of merchandise (goods) sold 11,100 7,800 Gross profit $10,500 $ 9,800 Operating expenses: Depreciation $ 1,060 $ 780 Selling and administrative 4,900 3,800 Research 910 680 Miscellaneous 720 480 Total operating expenses $ 7,590 $ 5,740 Income before interest and taxes $ 2,910 $ 4,060 Interest expense 920 680 Income before taxes $ 1,990 $. 3,380 Provision for taxes 796 1,352 Net Income $ 1,194 $ 2,028 LOGIC COMPANY Comparative Balance Sheet December 31, 2019 and 2020 2020 2019 $11,700 $ 8,900 16,200 12,200 8,200 13,700 23,700 9,700 559,800 $44,500 $14,200 $10,700 13,200 8,700 $27,400510400 587,200 $63,900 Assets Current assets: Cash Accounts receivable Merchandise inventory Prepaid expenses Total current assets Plant and equipment: Building (net) Land Total plant and equipment Total assets Liabilities Current liabilities: Accounts payable Salaries payable Total current Liabilities Long-term Liabilities: Mortgage note payable Total liabilities Stockholders' Equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $12.700 $ 7.000 6.800 4.700 $19,500 $11,700 21,700 20,200 341,200 331,900 $20,700 $20,000 25,300 11,200 $46,000 $32,000 $87,200 $63,900 Calculate the current ratio. (Do NOT enter your answer as a percentage (le, do not move the decimal two places to the right), Enter it as a proportion rounded to the nearest hundredth.) 2020 2010 Current ratio