Required information [The following information applies to the questions displayed below] Business Sim Corporation (BSC) entered into the following four transactions: (a) issued 1,500 common shares to Kelly in exchange for $22,000. (b) Borrowed $43,000 from the bank, promising to repay it in two years. (c) Bought computer equipment by paying cash of $48,000 and signing a promissory note for the remaining $7,000 due in six months. This loan contains a clause ("covenant') that requires Business Sim Corporation (BSC) to maintain a ratio of current assets to current liabilities of at least 2.1. (d) Recelved $1,100 of supplies and promised to pay for them in 30 days. Recommendation - Click on the Hint link and watch the guided example for this question. It provides a helpful review of the following process: (1) analyze each transaction for its effects on the accounting equation, (2) record the effects using a journal entry and post them to T-acocunt, (3) prepare a classified balance sheet and (4) calculate current ratio. CAUTION The guided examples are a great study resource to help you learn the material, but they will not be available on the exam so make sure you are able to do these questions independently. 4-a. Calculate the current ratio of Business Sim Corporation (BSC). 4-b. is Business Sim Corporation (BSC) complying with or violating its loan covenant? Complete this question by entering your answers in the tabs below. Calculate the current ratio of BSC