The chief financial officer (CFO) of Wildhorse Co. 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. Wildhorse Co. Balance Sheet December 30, 2022 Gurrent assets dash $26,200 Accounts receivable 30,500 Prepaid insurance 6,000 $ 62.700 Equipment (net 201.400 Total assets S264.100 Current liabilities $ 22,000 11.000 $ 33,000 79.700 Accounts payable Salaries and wages payable Long-term liabilities Notes payable Total liabilities Stockholders' equity Common stock Retained earnings 112.700 100,000 51.400 151,400 Total liabilities and stockholders equity $264.100 Part 2 (b) Based on the results in (a) the CFO requested that $22,000 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 1 decimal place, es. 07:1) Current ratio :1 Working capital $ e Textbook and Media Save for later Attempts: 0 of 15 used Submit Answer Part 1 (a) 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 :1 Working capital $ e Textbook and Media Save for Later Attempts: 0 of 15 used Submit