Required information [The following information applies to the questions displayed below.] Jaguar Plastics Company has been operating for three years. At December 31 of last year, the accounting records reflected the following: Investments (short-term) Accounts payable Cash $24,000 2,600 $14,000 Accounts receivable Inventory 4,000 28,000 Notes receivable (long-term) 1,300 Equipment 51,000 Accrued liabilities payable Notes payable (current) Notes payable (noncurrent) Long-term lease liabilities Common stock 3,700 6,400 45,000 65,000 10,700 Factory building 95,000 Operating lease right-of-use assets 140,000 Additional paid-in capital Retained earnings 96,300 109,700 Intangible assets 4,900 During the current year, the company had the following summarized activities: a. Purchased short-term investments for $7,800 cash. b. Lent $6,800 to a supplier, who signed a two-year note. c. Leased equipment that cost $23,000; paid $5,700 cash and signed a five-year right-of-use lease for the balance. d. Hired a new president at the end of the year. The contract was for $90,000 per year plus options to purchase company stock at a set price based on company performance. The new president begins her position on January 1 of next year. e. Issued an additional 1,700 shares of $0.50 par value common stock for $17,000 cash. f. Borrowed $18,000 cash from a local bank, payable in three months. g. Purchased a patent (an intangible asset) for $2,400 cash. h. Built an addition to the factory for $20,000; paid $7,900 in cash and signed a three-year note for the balance. i. Returned defective equipment to the manufacturer, receiving a cash refund of $3,300. Required: 6. Compute the current ratio for the current year. Note: Round your answer to 2 decimal places. Current ratio