1. The following financial information isfor Chesapeake Corporationarefor the fiscal years ending 2018 & 2017. determine the number of current ratio as of December 31, 2018.

Plant Assets - Purchased 250,000 Plant Assets - Disposals (100,000) Additional Information: Common Stock exchanged for outstanding Long Term Notes Payable of $125,000 Dividends paid were $30,000Item/Account 2018 2017 Cash 34,000 $24,000 Accounts Receivable 40,000 52,000 Inventory 60,000 48,000 Current Liabilities 69,000 42,000 Net Sales (all credit) 550,000 485,000 Cost of Goods Sold 288,000 265,000Income Statement: Net Income $3,100,000 Depreciation Expense 450,000 Loss on Sale of Plant Assets 75,000 Interest Expense 5.000 Balance Sheet - 12/31/17: Increase (Decrease) Accounts Payable decrease 45,000