On May 1, 2020, Christina Fashions borrowed $100,000at a bank by signing a four-year, 6% loan. The terms of the loan require equal principal payments of $25,000and accrued interest at 6% due annually on April 30. The loan agreement requires the company to maintain a minimum current ratio of 2.0. The December 31, 2020, year-end statement of financial position, immediately prior to the reclassification of long-term debt, follows:

Current assets$117,000 Current liabilities$45,000

Non-current assets188,000 Loan payable100,000

Common shares83,000

Retained earnings77,000

Total assets $305,000 Total liabilities and shareholders' equity $305,000

Does Christina Fashions comply with the bank's current ratio requirement prior to recording the accrued interest and reclassification of the current portion of the long-term loan?(Round answer to 1 decimal place, e.g. 1.2.)

Current ratio____

Christina Fashions________the bank's minimum current ratio.

If possible, could you explain all answers. Thank you!