The chief financial officer (CFO) of Crane Corporation 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. Crane Corp. Balance Sheet December 30, 2022 Current assets Current liabilities Cash $25,520 Accounts payable $21,380 Accounts receivable 31,900 Salaries and wages payable 11,900 $33,280 Prepaid insurance 6,800 $64,220 Long-term liabilities Equipment (net) 201,860 Notes payable Total assets $266,080 Total liabilities 81,800 115,080 Stockholders' equity Common stock 100,000 Retained earnings 51,000 151,000 Total liabilities and stockholders' equity $266,080