Problem: 2 (5 Marks) Following is the adjusted trial balance for Simcoe Fishing Cabin: Debit Credit Cash $6,000 Accounts receivable 2,000 Prepaid insurance 800 Land 40,000 Building 50,000 Accumulated amortization $32,000 Accounts payable 9,400 Wages payable 4,000 3,200 Notes payable-short term Required: Calculate the current ratio and the debt ratio, then comment on the firms liquidity and capital structure. Problem 3 (3 Marks) Owner of 555 Antiques, antique dealers, purchased a rare collection of superhero comic books for a bid price of $37,500. The terms of the purchase were FOB shipping point, and the cost of transporting the goods to 555 Antiques' warehouse was $1,200. 555 Antiques insured the shipment at a cost of $150. Prior to placing the goods in the store, they cleaned and refurbished some merchandise at a cost of $490 for labour and parts. Required: Determine the cost of the inventory acquired in the purchase of the estate's contents.