The chief financial officer (CFO) of Sarasota Corporation requested that the accounting department prepare a preliminary balance sheet on December 30, 2025, 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. Current assets Cash Accounts receivable Prepaid insurance Equipment (net) Sarasota Corporation Balance Sheet December 30, 2025 Total assets

Assets $32,000 42,400 6,600 Liabilities and Stockholders' Equity $81,000 216,000

$297,000

Calculate the current ratio and working capital based on the preliminary balance sheet. (Round current ratio to 1 decimal place, eg. 0.7:1. Current ratio :1 Working capital