Prepare the journal entries to redlassify the portion of the long-term loan as current. (Credit account titles are automatically Indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and entero for the amounts) Debit Credit Account Titles and Explanation Long-Term Loan Payable Current Portion of Long-Term Debt List of Accounts Assistance Used Does Christina Fashions breach the bank's current ratio requirement after preparing the journal entries above? (Round answer to 2 decimal places, es, 1.25.) Current ratio the bank's minimum current ratio. Christina Fashions List of Accounts On May 1 2020, Christina Fashions borrowed $100,000 at a bank by signing a four-year, 6% loan. The terms of the loan require equal principal payments of $25.000 and accrued interest at 6% due annually on April 30. The loan agreement requires the company to maintain a minimum current ratio of 20. The December 31, 2020. year-end statement of financial position, immediately prior to the reclassification of long-term debt, follows Current assets $122.200 Current liabilities $47.000 Non-current assets 171,800 Loan payable 100,000 Common shares 73,000 Retained earnings 74,000 Total liabilities and Total assets $294.000 shareholders' equity $294.000