The condensed statements of Independent Auto Inc. follow: 2 25 points Independent Auto Inc. Income Statement ($000) For Years Ended December 31 2020 Net sales $210,500 Cost of goods sold 125,559 Gross profit from sales $ 84,941 Selling expenses $ 29,752 Administrative expenses 19,061 Total operating expenses $ 48,813 Profit before taxes $ 36, 128 Income taxes 6,918 Profit $ 29,210 2019 $193,700 119,825 $ 73,875 $ 26, 770 27,085 $ 53,855 $ 20,020 6, 302 $ 13, 718 2018 $168,500 106,553 $ 61,947 $ 22, 301 13,959 $ 36,260 $ 25,687 5,368 $ 20,319 Print 2019 2018 Independent Auto Inc. Balance Sheet ($000) December 31 2020 Assets Current assets $ 35,586 Non-strategic investments Plant and equipment, net 66,300 Total assets $101,886 Liabilities and Equity Current liabilities $ 14,965 Common shares 60,000 Retained earnings 26,921 Total liabilities and equity $101,886 $28,197 680 70,500 $99, 377 $37,104 3,429 43,200 $83,733 $14,797 60,000 24,580 $99, 377 $14,461 45,300 23,972 $83,733 Required: 1. Calculate each vear's current ratio. (Round the final answers to 1 decimal place.)