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On June 30, Year 3, Solomon Company's total current assets were $503,000 and its total current liabilities were $276,000. On July 1, Year 3, Solomon

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On June 30, Year 3, Solomon Company's total current assets were $503,000 and its total current liabilities were $276,000. On July 1, Year 3, Solomon issued a long-term note to a bank for $42,000 cash. Required a. Compute Solomon's working capital before and after Issuing the note. b. Compute Solomon's current ratio before and after issuing the note. (Round your answers to 1 decimal place.) Answer is complete but not entirely correct. Before the After the transaction transaction Working $ capital 227,000 $ 227,000 Current ratio 18 1.7 a b

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