The chief financial officer (CFO) of Pharoah 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 withits creditors require the company to maintain a current ratio of at least 2:1. The preliminary balance sheet is as follows. Current liabilities Accounts payable: $22.600 Salaries and wages payable 11,300,533.900 Lone-term liabilities Notes payable Total liabilities 124,58090,680 Stockholders' equity Common stock \begin{tabular}{lr} 100,000 & \\ 51,300 & 151.300 \\ \hline & $275,880 \\ \hline \end{tabular} Calculate the current ratio and working capital based on the preliminary balance sheet. (Round current ratio to 1 decimal place, es. 0.7:1. Current ratio Working capital \$5