Use the following data to calculate the current ratio. Watters Corporation Balance Sheet December 31, 2021 Cash $ 32,000 Accounts payable $50,000 Accounts receivable 90,000 Salaries and wages payable 40,000 Inventory Prepaid insurance Long-term investments 164,100 Five year loan payable 150,000 10,000 Total liabilities $240,000 156,000 Land 75,000 Buildings $305,900 Common stock Less: Accumulated Retained earnings $232,000 451,000 depreciation (50,000) 255,900 Trademarks Total assets 140,000 $923,000 Total stockholders' equity $683,000 Total Liabilities and stockholders' equity $923,000 3.85:1 3.29:1 3.40:1 3.69:1