To be in "good standing the bank requires the company you're auditing to maintain a 2:1 current ratio or better. Below is a partial balance sheet from which the company calculated the current ratio. 2,500,000 Current assets Current liabilities: accounts payable salary and wages payable notes payable Total current liabilities Long term liabilities: mortgage payable lease payable Total long-term debt 750,000 100,000 300.000 6,860,000 3.379.000 1,150,000 10,239,000 The company makes $9,600 monthly principle payments on the mortgage and $4,300 monthly principle payments on the lease. The payments will continue into the foreseeable future. is the company in compliance with the banks' debt covenant? 27