Plum Corporation began the month of May with $700,000 of current assets, a current ratio of 2.00:1, and an acid-test ratio of 1.20:1. During the month, it completed the following transactions (the company uses a perpetual inventory system). May 2 Purchased $75,000 of merchandise inventory on credit. 8 Sold merchandise inventory that cost $60,000 for $145,000 cash 10 Collected $30,000 cash on an account receivable. 15 Paid $26,500 cash to settle an account payable 17 Wrote off a $5,000 bad debt against the Allawance for Doubtful Accounts account. 22 Declared a $1 per share cash dividend on its 62,000 shares of outstanding cammon stock 26 Paid the dividend declared on May 22. 27 Borrawed $110, 000 cash by giving the bank a 30-day, 10% note 28 Borrawed $140,000 cash by signing a long-term secured note. 29 Used the $250,000 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.) Current Ratio Acid-Test Ratio Working Capital Transaction Current Assets Quick Assets Current Liabilities 420,000 $ 2.00 1.20 Beginning 700,000 350,000 350,000 May 2 Balance 700,000 350,000 May 8 Balance May 10 Balance May 15 Balance May 17 Balance May 22 Balance May 26 Balance May 27 Balance May 28 Balance May 29 Balance