At its prior year-end, VPN Co. reported current assets of $60,000 and current liabilities of $55,000. Determine how each of the following transactions would increase, decrease, or have no effect on total current assets, total current liabilities, and the current ratio.

1. Acquired inventory for $200 cash.

2. Sold a long-term asset (equipment) for $4,000 cash.

3. Accrued wages payable of $1,500.