The Pioneer Company has provided the following account balances: Cash $39,700; Short-term investments $5,700; Accounts receivable $7,700; Supplies $56,500; Long-term notes receivable $3,700; Equipment $104,500; Factory Building $197,000; Intangible assets $7,700; Accounts payable $28,300; Accrued liabilities payable $3,150; Short-term notes payable $17,400; Long-term notes payable $100,500; Common stock $197,000; Retained earnings $76,150. What is Pioneer's current ratio?

A. 1.09

B. 2.24

C. 3.48

D. 2.40