Plum Corporation began the month of May with $700,000 of current assets, a current ratio of 2.50.1, and an acid-test ratio of 1.10.1. During the month. It completed the following transactions (the company uses a perpetual inventory system). May 2 Purchased $50,000 of merchandise inventory on credit. 8 Sold merchandise inventory that cost $55,0ee for $110,000 cash. 10 Collected $20,000 cash on an account receivable. 15 Paid $22,000 cash to settle an account payable. 17 wrote off a $5,000 bad debt against the Allowance for Doubtful Accounts account. 22 Declared a $1 per share cash dividend on its s0,000 shares of outstanding common stock. 26 Paid the dividend declared on May 22. 27 Borrowed $100,000 cash by giving the bank a 30-day, 10% note. 28 Borrowed $80,000 cash by signing a long-term secured note. 29 Used the $180,000 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.) Transaction Current Assets Beginning $ May 2 Quick Assets Current Liabilities 700,000 $ 308,000 $ 280,000 Current Ratio Acid-Test Patio Working Capital 1.10 $ 2.50 420,000