Requirement 1. Calculate Greatland's current ratio, debt ratio, and earnings per share. Round all ratios to two decimal places. Start by determining the formula for each ratio, beginning with the current ratio, followed by the debt ratio, and then earnings per share. Current assets + Current liabilities = Current ratio Total liabilities . Total assets = Debt ratio Common shares outstanding Earnings per share ( Net income Preferred dividends ): = Now compute Greatland's current ratio, debt ratio, and earnings per share. (Round all ratios to two decimal places.) Current ratio Debt ratio Earnings per share 1.60 0.57 2.15 Requirement 2. Calculate the three ratios after evaluating the effect of each transaction that follows. Consider each transaction separately. (Round all ratios to two decimal places.) Current ratio Debt ratio Earnings per share a. - Data table Cash $ 26,000 Accounts payable $ 107,000 Short-term investments 36,000 Accrued liabilities 32,000 163,000 Accounts receivable, net Inventories 85,000 Long-term notes payable 147,000 Other long-term liabilities 34,000 Prepaid expenses 6,000 Net income 99,000 Total assets 677,000 Number of common Short-term notes payable 49,000 shares outstanding 46,000 Print Done - Requirements 1. Calculate Greatland's current ratio, debt ratio, and earnings per share. Round all ratios to two decimal places. 2. Calculate the three ratios after evaluating the effect of each transaction that follows. Consider each transaction separately. a. Borrowed $105,000 on a long-term note payable b. On January 1, Issued 40,000 shares of common stock, receiving cash of $360,000 c. Paid off short-term notes payable, $28,000 d. Purchased $43,000 of merchandise on account, debiting Inventory Received cash on account, $17,000 e. Print Done