The chief financial officer (CFO) of Pharoah 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. Pharoah Corp. Balance Sheet December 30, 2022 Current liabilities Accounts payable Current assets Cash $27,900 $21,160 Accounts receivable 31,600 Salaries and wages payable 11,600 $32,760 Prepaid insurance 6,900 $66,400 Long-term liabilities Equipment (net) 200,060 Notes payable 81,900 Total assets $266,460 Total liabilities 114,660 Stockholders' equity Common stock 100,000 Retained earnings 51,800 151.800 Total liabilities and stockholders' equity $266,460 (a) * Your answer is incorrect. Calculate the current ratio and working capital based on the preliminary balance sheet. (Round current ratio to 2 decimal places, eg. 0.50: 1.) (b) Based on the results above, the CFO requested that $21.160 of cash be used to pay off the balance of the Accounts Payable account on December 31, 2022. Calculate the new current ratio and working capital after the company takes these actions. (Round current ratio to 2 decimal places, e.g. 0.50: 1.) Current ratio :1 Working capital $