On May 1, 2024, Elizabeth Fashions borrowed $88,000 at a bank by signing a four-year, 6% loan. The terms of the loan require equal principal payments of $22,000 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, 2024, year-end statement of financial position, immediately prior to the reclassification of long-term debt, follows: Does Elizabeth 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 2 decimal places, e.g. 1.20.) Current ratio Elizabeth Fashions the bank's minimum current ratio