QUESTION ANSWER Pennington Corporation's 2018 balance sheet includes the following information: Liabilities: Accounts payable Salaries payable Total Current Liabilities Long-term debt 19,000 18,000 Assets: Cash 12,000 Accounts receivable 5,000 Inventory 45,000 Total Current Assets Land 125,000 Equipment, net 97,000 Total Long-Term Assets 37,000 62,000 100,000 137,000 I DON'T KNOW YET Total Liabilities Common stock 223,000 Retained earnings 32,000 116,000 Total Assets 285,000 148,000 Total Equity Total Liabilities and Equity 285,000 Selected information from the 2018 income statement is provided below: Net sales revenue Purchases Cost of goods sold Interest expense 354,000 164,000 156,000 12,000 What is Pennington's current ratio? Round your answer to two decimal places