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