Madison Mulch Company offers natural hardwood mulch and color enhanced mulch. The condensed balance sheet and Income statement for the company are presented below. MADISON MULCH COMPANY Balance Sheet At December 31, 2021 Cash $ 23,500 Notes receivable (due August 15, 2022) Accounts receivable (net) 38,000 50,200 Inventory 73,300 Property, plant, and equipment (net) Intangible assets Total assets Current liabilities Bonds payable (12%) (long-term) Common stock 295,000 14,200 $494,200 $105,600 Retained earnings Total liabilities and equity 145,000 79,000 164,600 $494,200 MADISON MULCH COMPANY Income Statement For the Year ended December 31, 2021 Sales Cost of goods sold Gross profit Operating expenses $839,000 467,400 $371,600 177,000 Operating income Interest expense Income before income tax Income tax expense Net income Required: $194,600 17,400 $177,200 53,160 $124,040 Compute the current ratio for Madison Mulch Company. (Round your answer to 2 decimal places.) Current ratio