The chief financial officer (CFO) of Blossom Company requested that the accounting department prepare a preliminary balance sheet on December 30, 2022, so that the CFO could get an idea of how the company stood. He knows that certain debt agreements with its creditors require the company to maintain a current ratio of at least 2:1. The preliminary balance sheet is as follows. Blossom Company Balance Sheet December 30, 2022 Current assets Cash $26.900 Accounts receivable 23,300 Prepaid insurance 6,800 $57,000 Equipment (net) 201,100 Total assets $258,100 Current liabilities Accounts payable $20,000 Salaries and wages payable 10,000 $30,000 Long-term liabilities Notes payable 77,000 107,000 Total liabilities Stockholders' equity Common stock Retained earnings Total liabilities and stockholders equity 100,000 51.100 151.100 $258.100 (a) (a) Calculate the current ratio and working capital based on the preliminary balance sheet. (Round current ratio to 1 decimal place, e.s 0.7:1) Current ratio: Working capital $