Question 11 (3 points) Corrigan Corporation has the following balance sheet and income statement: Corrigan Corporation: Balance Sheet as of December 31, 2019 Cash $ 224,000 Accounts Payable $ 198,000 Accounts Receivable 349,000 Notes Payable 150.000 Inventories 422.000 Total Current Liabilities $ 348,000 Total Current Assets $ 995,000 Long-Term Debt 565,000 Net Fixed Assets 661.000 Common Equity 743.000 Total Assets $1,656,000 Total Liab. and Equity $1,656,000 What is the firm's Current Ratio and Quick Ratio? [Hint: The formulas of Current Ratio and Quick Ratio can be found on textbook page 88 (Table 3.8) or Chapter 3 PowerPoint Slides #21 and #22.] b Current Ratio = 1.81 and Quick Ratio = 1.65 Current Ratio = 4.76 and Quick Ratio = 3.55 Current Ratio = 2.86 and Quick Ratio - 0.35 Current Ratio = 2.86 and Quick Ratio - 1.65