Use this balance sheet and income statement for the first year of operations for Layton Novelties, Inc. to answer the following question. Use ending balances whenever average balances are required for computing ratios. Layton Novelties, Inc. Balance Sheet December 31, 20x7 Assets Liabilities $ 28,000 Current liablities S 16,000 Current assets Investments Property, plant, and equipment intangble assets 12,000 Long-term liabilities 48,000 32,000 Total liabilities $ 20.000 Stockholders' Equity Common stock Retained earnings Total stockholders' equity Total liabilities and $ 80,00 $100.000 120,000 Total assets 120.000 stockholders' equity Layton Novelties, Inc Income Statement For the Year Ended December 31, 20x7 Net sales Costs of goods sold Gross margin Operating expenses Income before income taxes Income taxes Net income $ 80,00 32.000 S 48,000 12.000 S 36,00 The current ratio for Layton Novelties, Inc. is