Required information PB2-3 (Static) Recording Transactions in a Journal and T-Accounts); Preparing and Interpreting the Balance Sheet (LO 2-1, LO 2-2, LO 2-3, LO 2-4, LO 2-5) (The following information applies to the questions displayed below.] Shake Shack Incorporated, which began as a hot dog stand in 2001, now has more than 200 locations worldwide. The following is adapted from Shake Shack's financial statements for the quarter ended September 26, 2019. Dollars are reported in millions. Accounts Payable Accounts Receivable Cash Common Stock Equipment Intangible Assets Notes Payable (long-term) Notes Payable (short-term) Prepaid Rent Retained Earnings Short-Term Investments Inventory $ 38 14 29 255 544 267 2 519 40 6 46 36 Assume that the following events occurred in the following quarter, which ended September 30, 2019. a. Paid $10 cash for additional intangible assets. b. Issued additional shares of common stock for $50 in cash. c. Purchased equipment; paid $30 in cash and signed additional long-term loans for $70. d. Paid $9 cash for accounts payable owed at September 26. e. Conducted negotiations to purchase a farm, which is expected to cost $15. PB2-3 (Static) Part 1 Required: 1. Calculate Shake Shack's current ratio at September 26, 2019, prior to the transactions listed above. (Round your answer to 2 decimal places.)