The chief financial officer (CFO) of Oriole 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. Oriole Company Balance Sheet December 30, 2022 Current assets Cash $26,200 27,100 6,100 Accounts receivable Prepaid insurance Equipment (net) Total assets $ 59,400 201,400 $260,800 $ 21,000 12,000 $ 33,000 76,400 Current liabilities Accounts payable Salaries and wages payable Long-term liabilities Notes payable Total liabilities Stockholders' equity Common stock Retained earnings Total liabilities and stockholders' equity 109,400 100,000 51,400 151,400 $260,800 Part 1 (a) Calculate the current ratio and working capital based on the preliminary balance sheet. (Round current ratio to 1 decimal place, e.g. 0.7: 1.) Current ratio :1 Working capital $