Good Sports, Inc., is a private full-line sporting goods retailer. Assume one of the Good Sports stores reported current assets of $88,000 and its current ratio was 1.75, and then completed the following transactions: 

(1) Paid $6,000 on accounts payable, 

(2) Purchased a delivery truck for $10,000 cash, 

(3) Wrote off a bad account receivable for $2,000, and 

(4) Paid previously declared dividends in the amount of $25,000.

Required:

Compute the updated current ratio, rounded to two decimal places, after each transaction.