Plum Corporation began the month of May with $1,100,000 of current assets, a current ratio of 1.90:1, and an acid-test ratio of 1.60:1. During the month, it completed the following transactions (the company uses a perpetual inventory system). 3.75 points Hay 2 Purchased $70,000 of merchandise inventory on credit. B Sold merchandise inventory that cost $45,000 for $140,000 cash. 10 Collected $26,000 cash on an account receivable. 15 Paid $29,000 cash to settle an account payable. 17 Nrute off a $5,000 bad debt against the Allowance for Doubtful Accounts account. 22 Declared a i per share cash dividend on its 70,000 abares of outstanding common stock. 26 Paid the dividend declared on May 22. 27 Borrowed $125,000 casi by giving the back a 30-day, 10% nute. 28 Borrowed $145,000 cash by signing a long-term secured note. 29 Used the $270,000 cash proceeds from the notes to buy new machinery. Required: Complete the table below showing Plum's (1) current ratio, (2) acid-test ratio, and (3) working capital after each transaction. (Do not round intermediate calculations. Round your ratios to 2 decimal places and the working capitals to nearest dollar amount. Subtracted amount should be indicated with a minus sign.) & Answer is not complete. Transaction Current Assets $ 1,100,000 70,000 Quick Assets S 926,316 Current Liabilities $ 578,947 Current Ratio 1.90 Acid-Test Ratio 1.60 Working Capital $ 521.053 Beginning May 2 0 70.000 Balance 1,170.000 648.947 1.80 May 8 140,000 (45,000) 140,000 Balance May 10 (26,000) 26,000 May 10 26,000 (26,000) 26,000 Balance 3.75 points May 15 (29,000) (29,000) (29,000) Balance May 17 0 0 0 0 Balance May 22 0 0 70.000 Balance May 26 (70,000) (70,000) (70,000) Balance May 27 125,000 125,000 125.000 Balance May 28 145,000 145,000 0 Balance May 29 270,000 270,000 0 Balance