On May 1, 2020, Christina Fashions borrowed $ 93,000 at a bank by signing a four year, 6% loan. The terms of the loan require equal principal payments of $ 23.250 and 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, yearend statement of financial position, immediately prior to the reclassification of long-term debt follows: $ 132,500 Current assets Non current assets 158,500 Current liabilities $ 53,000 Loan payable 93.000 Common shares 68,000 Retained earnings 77,000 Total liabilities and shareholders'equity $291,000 Total assets $ 291.000 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, eg. 1.2) Current ratio Christina Fashions the bank's minimum current ratio. List of Accounts does not meet meets Prepare journal entries to record the interest payable on December 31, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit List of Accounts Prepare the journal entries to reclassify the portion of the long-term loan as current. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit