The chief financial officer (CFO) of Skysong, Inc. requested that the accounting department prepare a preliminary balance sheet on December 30, 2017, so that the CFO could get an idea of how the company stood. He knows that certain debt agreements with its creditors require the company to maintain a current ratio of at least 2:1. The preliminary balance sheet is as follows. GRIENKE CORP. Balance SheetDecember 30, 2014Current assets Cash $26,581 Accounts receivable 31,869 Prepaid insurance 6,630 $ 65,080Equipment (net) 201,570Total assets $266,650Current liabilities Accounts payable $ 21,581 Salaries and wages payable 11,869 $ 33,450Long-term liabilities Notes payable 81,630 Total liabilities 115,080Stockholders’ equity Common stock 100,000 Retained earnings 51,570 151,570Total liabilities and stockholders’ equity $266,650The chief financial officer (CFO) of Grienke CorpoThe chief financial officer (CFO) of Grienke CorpoCalculate the current ratio and working capital based on the preliminary balance sheet. (Round Current Ratio to 1 decimal place, e. g. 0.7 : 1)Current ratio :1Working capital $LINK TO TEXTThe chief financial officer (CFO) of Grienke CorpoThe chief financial officer (CFO) of Grienke CorpoBased on the results in (a), the CFO requested that $21,581 of cash be used to pay off the balance of the accounts payable account on December 31, 2014. Calculate the new current ratio and working capital after the company takes these actions. (Round Current Ratio to 1 decimal place, e. g. 0.7 : 1)Current ratio :1Working capital $