The condensed balance sheet and income statement for Marjoram Company are presented below. MARJORAM COMPANY Balance Sheet Cash December 31, 2024 $ 29,000 49,000 52,400 76,600 Notes receivable (due August 15, 2025) Accounts receivable (net) Inventory Property, plant, and equipment (net) Intangible assets Total assets Current liabilities Bonds payable (11%) (long-term) Common stock Retained earnings Total liabilities and equity 350,000 16,400 $ 573,400 $121,800 145,000 68,000 238,600 $ 573,400 MARJORAM COMPANY Income Statement For the Year ended December 31, 2024 Sales Cost of goods sold. Gross profit Operating expenses Operating income Interest expense Income before income tax Income tax expense Net income Required: Compute the current ratio for Marjoram Company. Note: Round your answer to 2 decimal places. Current ratio 1.70 $ 1,004,000 522,400 $ 481,600 190,200 $291,400 15,950 $ 275,450 82,635 $ 192,815