Starfruit Inc., headquartered in Ridgway, Colorado, designs, manufactures, and markets mobile communication and media devices, personal computers, and portable digital music players and sells a variety of related software and services. The following is Starfruit's (simplified) balance sheet from a recent year (fiscal year ending on the last Saturday of September). STARFRUT INC. CONSOLIDATED BALANCE SHEET September 27, 2014 (dollars in millions) ASSETS Current assets: Cash $ 13,994 11,353 17644 2,130 24,096 69,217 131,466 20,831 12,650 S 234164 Accounts receivable Inventories Other current assets Total current assets Property, plant, and equipment, net Other noncurrent assets Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable Accrued expenses Unearned revenue Short-term notes payable S 30,501 18,641 8,581 6,372 64,095 29,284 28,139 121,518 Total current liabilities Long-term debt Other noncurrent liabilities Total liabilities Stockholders' equity: Common stock ($0.00001 per value) Additional paid-in capital Retained earnings 24,912 87,733 112,646 $ 234,164 Total stockholders' equity Total liabilities and shareholders' equity Assume that the following transactions (in millions) occurred during the next fiscal year (ending on September 26, 2015): a. Borrowed $18,293 from banks due in two years. b. Purchased additional Investments for $23,600 cash: one-fifth were long term and the rest were short term. c. Purchased property, plant, and equipment; paid $9,600 in cash and signed a short-term note for $1,438 d. Issued additional shares of common stock for $1,498 in cash; total par value was $1 and the rest was in excess of par value. e. Sold short-term investments costing $19,035 for $19,035 cash. f. Declared $11,154 In dividends to be pald at the beginning of the next fiscal year. Required: 1. Prepare a journal entry for each transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions.) Answer is not complete. No Transaction General Journal Debit Credit 18,293 Long-term debt 18,293 Long-term investments Short-tem investments 4,720 18,880 Cash 23,600 Property, plant and equipment 11,038 9,600 1,438 Cash Short-term notes payable Cash Additional paid-in capital 24,912 Common stock Cash 19,035 Short-term investments 19,035 Retained earnings 11,154 Dividends payable 11,154 Cash Short-term Investments Beg. Bal 13,994 Beg. Bal 11,353 End. Bal 11,353 End. Bal 13,994 Accounts Receivable Inventories Beg. Bal 17,644 Beg. Bal 2,130 End. Bal 17,644 End. Bal 2,130 Other Current Assets Long-term Investments Beg. Bal 24,096 Beg. Bal 131,466 End. Bal 24,096 End. Bal 131,466 Property, Plant, and Equipment Other Noncurrent Assets Beg. Bal 20,831 Beg. Bal 12,650 End. Bal 20,831 End. Bal 12,650 Accounts Pavable Accrued Expenses Beg. Bal 30,501 Beg. Bal 18,641 End. Bal 30,501 End. Bal 18,641 Unearned Revenue Short-term Notes Payable Beg. Bal 8,581 Beg. Bal 6,372 STARFRUIT INC Balance Sheet At September 26, 2015 in millions) Assets Liabilities and stockholders' equity P2-5 Part 4 4. Compute Starfruit's current ratio for the year ending on September 26, 2015. (Round your answer to 2 decimal places.) Current ratio