Suppose the balance sheets of a corporation for two years reported these figures: K Click the icon to view the balance sheet) The notes to the 2020 financial statements report that because of some refinancing arrangements, the corporation was able to reclassify 57.0 milion from cument liabilities to long-term tables during 2020. Required 1. Compute the corporation's current ratio (current assets current liabilities) at the end of each year. Describe the change between the years that you observe 2. Suppose that the corporation had not refinanced and not been able to reclassify the $7.0 million of current liabilities as long term during 2020. Recompute the current ratio for 2020 10 include the $7.0 million. Why do you think the corporation decided to reclassify the liabilities as long-term? Requirement 1. Compute the corporation's current ratio at the end of each year. (Round your answers to two decimal places.) Current ratio 2020 Current ratio 2019 Balance sheet Millions 2020 2019 Total current assets $ 24.50 $ 22.92 44.74 40.96 Property, plant, and equipment, net $ 69.24 $ 63.88 Total assets Total current liabilities $ SA 11.66 $ 15.12 Long-term liabilities 29.92 23.32 27.66 25.44 Shareholders' equity $ 69.24 $ 63.88 Total liabilities and shareholders' equity Print Done - X twe ter