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Application Problem 9-1OA Dividend Aristocrat Inc. (DA) borrowed $217.000 from Grow Business Bank to finance the purchase of egcioment costing $162,750 and to provide $54,250 in cash. The legal documentation states that the loan matures in 20 years, and the principal is to be paid in annual instalments of $10,850. The terms of the loan also indicate that DA must maintain a current ratio of 1.25 and cannot pay dividends that will reduce retained earnings below $102.000. The 2020 yvear-end statement of financial position, immediately prior to the bank loan and the purchase of eguipment, follows: $70,000 Current labilities $89,600 Current assets 217,000 424,400 Long-term liabilties Non-current assets 98,000 Common shares 129,000 Retained earnings Total liabilities and shareholders equity $514,000 $514,000 Total assets Prepare the following statement of financal position assuming the maximum divided is declared and paid. Current Liabilties Current Assets Long term Liablities Non-current Assets Common Shares Retained Earnings Total Liabilties and Shareholder's Equity Total Assets Calculate the current ratio using the updated statement of financial position. (Round answer to 2 decimal places, e.g. 7.25.) Current Ratio in compliance with the loan agreeement. Dividend Aristocrat Inc