The following information pertains to Pharoah Company. Assume that all balance sheet amounts represent both average and ending balance figures. Assume that all sales were on credit. Assets Cash and short-term investments Accounts receivable (net) Inventory Property, plant and equipment Total Assets Liabilities and Stockholders' Equity $45000 46200 42000 228000 $361200 Current liabilities $ 37000 Long-term liabilities 71000 Stockholders' equity-common 253200 Total Liabilities and Stockholders' Equity $361200 Income Statement Sales revenue Cost of goods sold Gross profit Operating expenses Net income $87000 53000 34000 30000 $4000 Number of shares of common stock Market price of common stock 5000 $26 Dividends per share on common stock 1.3 Cash provided by operations $31000 What is the current ratio for this company? 2.78 2.98 3.60 O 3.34