The condensed balance sheet and income statement for Marjoram Company are presented below. MARJORAM COMPANY Balance Sheet At December 31, 2021 Cash Notes receivable (due August 15, 2022) Accounts receivable (net) Inventory Property, plant, and equipment (net) Intangible assets Total assets Current liabilities Bonds payable (12%) (long-term) Common Stock Retained earnings Total liabilities and equity $ 28,000 47,000 52,000 76,000 340,000 16,000 $559,000 $121,400 135,000 66,000 236, 600 $559,000 MARJORAM COMPANY Income Statement For the Year ended December 31, 2021 Sales S974, 000 Cost of goods sold 512,400 Gross profit $461,600 Operating expenses 187,800 Operating income S273,800 MARJORAM COMPANY Income Statement For the Year ended December 31, 2021 Sales $974, 000 Cost of goods sold 512,400 Gross profit $461,600 Operating expenses 187,800 Operating income $273,800 Interest expense 16, 200 Income before income tax $257,600 Income tax expense 77,280 Net income $180, 320 Required: Compute the current ratio for Marjoram Company. (Round your answer to 2 decimal places.) Current ratio