Parker Phial Company has current assets of $22 million and current liabilities of $8,000,000. What would be its current ratio if each of the following occurred, holding all other things constant? A machine costing $1,500,000 is paid cash for $500,000 and$200,000 in 6 month note payables, the balance ($800,000) will be paid in 2 years.

Choose:

2.75

2.69

3.25

2.62