The chief financial officer (CFO) of Sunland 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. Sunland Corp Balance Sheet December 30, 2022 Current assets Current liabilities Cash $ 25,440 Accounts payable $ 21,840 Accounts receivable 32,000 Salaries and wages payable 12.000 $ 33,840 Prepaid insurance 6,400 $ 63,840 Long-term liabilities Equipment (net) 203.400 Notes payable 81.400 $ 267,240 Total assets 115.240 Total liabilities Stockholders' equity Common stock 100,000 Retained earnings 52.000 152,000 $ 267,240 Total liabilities and stockholders equity (a) Calculate the current ratio and working capital bsed on the preliminary balance sheet. (Round current ratio to 2 decimal places, e.g. 0.50: 1.) Current ratio :1 Working capital $