Current assets for Mayfair Corporation totaled $410,000 and the current ratio was 2.0. Assume that the following transactions were completed:

(1) Sold $11,000 in merchandise on short-term credit,

(2) Declared but did not pay dividends of $50,000,

(3) Paid prepaid rent in the amount of $12,000,

(4) Paid previously declared dividends in the amount of $50,000,

(5) Collected an account receivable in the amount of $11,000, and

(6) Reclassified $45,000 of long-term debt as a short-term liability.

Required:

Compute the cumulative current ratio after each transaction.