[The following information applies to the questions displayed below.] Apple Inc., headquartered in Cupertino, California, designs, manufactures, and markets mobile communication and media devices, personal computers, and portable digital music players and sells a variety of related software and services. The following is Apple's (simplified) balance sheet from a recent year (fiscal year ending on the last Saturday of September).

APPLE INC. CONSOLIDATED BALANCE SHEET September 27, 2014 (dollars in millions)
ASSETS
Current assets:
Cash	$	13,844
Short-term investments		11,233
Accounts receivable		17,460
Inventories		2,111
Other current assets		23,833
Total current assets		68,531
Long-term investments		130,162
Property, plant, and equipment, net		20,624
Other noncurrent assets		12,522
Total assets	$	231,839
LIABILITIES AND STOCKHOLDERS EQUITY
Current Liabilities:
Accounts payable	$	30,196
Accrued expenses		18,453
Unearned revenue		8,491
Short-term notes payable		6,308
Total current liabilities		63,448
Long-term debt		28,987
Other noncurrent liabilities		27,857
Total liabilities		120,292
Stockholders equity:
Common stock ($0.00001 per value)		1
Additional paid-in capital		23,312
Retained earnings		88,234
Total stockholders equity		111,547
Total liabilities and shareholders' equity	$	231,839

Assume that the following transactions (in millions) occurred during the next fiscal year (ending on September 26, 2015):

1. Borrowed $18,266 from banks due in two years.
2. Purchased additional investments for $21,000 cash; one-fifth were long term and the rest were short term.
3. Purchased property, plant, and equipment; paid $9,571 in cash and signed a short-term note for $1,410.
4. Issued additional shares of common stock for $1,469 in cash; total par value was $1 and the rest was in excess of par value.
5. Sold short-term investments costing $18,810 for $18,810 cash.
6. Declared $11,126 in dividends to be paid at the beginning of the next fiscal year.

Required:

1. Prepare a journal entry for each transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions.)

• Record the $18,266 loan from banks due in two years.

• 2

  Record the purchase of additional investments for $21,000 cash with one-fifth being long-term and the balance being short-term.

• 3

  Record the purchase of property, plant and equipment by paying $9,571 cash and signing a short-term note for $1,410.

• 4

  Record the issuance of additional shares for $1,469 cash; total par value was $1 and the rest was in excess of par value.

• 5

  Record the sale of short-term investments costing $18,810 for $18,810 cash.

• 6

  Record the declaration of $11,126 in dividends to be paid during beginning of the next fiscal year.

• Note : = journal entry has been entered

3. Prepare a balance sheet from the T-account ending balances for Apple at September 26, 2015, based on these transactions. (Enter your answers in millions.)

4. Compute Apple's current ratio for the year ending on September 26, 2015. (Round your answer to 2 decimal places.)