Next Question Financial statement data of Greatland Engineering include the following items: (Click the icon to view the financial statement data.) Read the requirements. Requirement 1. Calculate Greatland's current ratio, debt ratio, and earnings per share. Round all ratios to two decimal places. Start by determining the formula for each ratio, beginning with the current ratio, followed by the debt ratio, and then earnings per share. - Current ratio Requirements a. 1. Calculate Greatland's current ratio, debt ratio, and earnings per share. Round all ratios to two decimal places. 2. Calculate the three ratios after evaluating the effect of each transaction that follows. Consider each transaction separately. Borrowed $105,000 on a long-term note payable b. On January 1, Issued 40,000 shares of common stock, receiving cash of $360,000 Paid off short-term notes payable, $28,000 d. Purchased $43,000 of merchandise on account, debiting Inventory Received cash on account, $17,000 C. e. - Data Table Cash 26,000 Accounts payable $ 107,000 Short-term investments 36,000 Accrued liabilities 32,000 Accounts receivable, net Inventories 85,000 Long-term notes payable 147,000 Other long-term liabilities 163,000 34,000 Prepaid expenses 6,000 Net income 99,000 Total assets 677,000 Number of common Short-term notes payable 49,000 shares outstanding 46,000