Question 4 of 5 < > 0.5/1 Current Attempt in Progress The chief financial officer (CFO) of Sunland Corporation requested that the accounting department prepare a preliminary balance sheet on December 30, 2022, so that the CFO could get an idea of how the company stood. He knows that certain debt agreements with its creditors require the company to maintain a current ratio of at least 2:1. The preliminary balance sheet is as follows Sunland Corp. Balance Sheet December 30, 2022 Current assets Cash Current liabilities $25,440 Accounts payable $21,840 Accounts receivable 32,000 Salaries and wages payable 12,000 $33,840 Prepaid insurance 6,400 $63,840 Long-term liabilities Equipment (net) 203,400 Notes payable Total assets $267.240 Total liabilities 81.400 115,240 Stockholders' equity Common stock Retained earnings Total liabilities and stockholders' equity 100.000 52.000 152.000 $267,240