The financial statements of Snapit Company are given below. Snapit Company Income Statement (2009) Sales Cost of goods sold Gross profit Selling & administrative expenses Operating profit Interest expense Income before tax Tax expense Net income $4,000,000 3,040,000 960,000 430,000 530,000 160,000 370,000 148,000 $ 222,000 Balance Sheet Cash Accounts receivable Inventory Total current assets Fixed assets Total assets 2009 2008 $ 60,000 $ 50,000 550,000 500,000 690,000 620,000 $1,300,000 $1,170,000 1,300,000 1,230,000 $2,600,000 $2,400,000 Accounts Payable Bank loan Total current liabilities Bond payable Total liabilities Common stock (130,000 shares) Retained earnings Total liabilities & equity $ 270,000 $ 250,000 580,000 500,000 $ 850,000 $ 750,000 900,000 1,000,000 $1,750,000 $1,750,000 $ 250,000 $ 250,000 600,000 400,000 $2,600,000 $2,400,000 Note: The common shares are trading in the stock market for $100 each. Refer to the financial statements for Snapit Company. The firm's current ratio for 2009 IS