[The following information applies to the questions displayed below.) 00 Higgins Company began operations last year. You are a member of the management team investigating expansion ideas that will require borrowing funds from banks. At the start of the current year, Higgins's T-account balances were as follows: Assets Part 4 of 4 Part 4 of 4 Cash Short-Term Investments 2,800 4,600 Property and Equipment 3,400 1 points Liabilities: Short-Term Notes Payable Long-Term Notes Payable 1 1,300 390 eBook Common Stock Additional Paid-in Capital T 2,640 660 Retained Earnings 5,810 Hint The following transactions occured in current year: Print References a. Borrowed $3,100 from a local bank, signing a note due in three years. b. Sold $1,200 of the investments for $1,200 cash. c. Sold one-half of the property and equipment for $1,700 in cash. d. Declared and paid $350 in cash dividends to stockholders. 4. Calculate the current ratio at December 31 of the current year. (Round your answer to 2 decimal places.) Current ratio