QUESTION 14 Arney Corporation's 12/31/Y3 partial balance sheet is below: Arney Corporation Balance Sheet (partial) Assets Total current assets $350,000 Total long-term assets 1,910,000 TOTAL ASSETS $2,260,000 Liabilities Total current liabilities 320,000 Total long-term liabilities 998,000 TOTAL LIABILITIES $1,318,000 Stockholders' Equity Paid-in capital Common stock (100,000 shares; $1 par) $100,000 Paid-in capital in excess of par - common stock 200,000 Common stock (100,000 shares; $1 par) $100,000 Paid-in capital in excess of par - common stock 200,000 Preferred stock ($5 par) 120,000 Total paid-in capital 420,000 Retained earnings 540,000 Total paid-in capital and retained earnings 960,000 Treasury stock (2,000 shares) (18,000) TOTAL STOCKHOLDERS' EQUITY $942,000 The following additional 20Y3 information is available: $300,000 of after-tax net income was earned $4,000 in preferred stock dividends were declared and paid There was no change in the number of outstanding shares of common and preferred stock REQUIREMENT 1: Calculate Arney's current ratio. Round your answer to two decimal places -- for example, enter an answer of 3.774 as 3.77. Do not include dollar signs. REQUIREMENT 2: Calculate Arney's earnings per share. Round your answer to two decimal places -- for example, enter an answer of 3.774 as 3.77. Do not include dollar signs