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Current Position Analysis Sherwood, Inc., had the following current assets and current liabilities at the end of two recent years: Year 2 Year 1 (in millions) (in millions) Cash and cash equivalents Short-term investments, at cost Accounts and notes receivable, net Inventories Prepaid expenses and other current assets Short-term obligations (liabilities) Accounts payable and other current liabilities $3,141 2,231 7,093 2,493 831 332 7,870 $3,107 5,770 5,917 2,492 922 3,528 7,192 a. Determine the (1) current ratio and (2) quick ratio for both years. Round to one decimal place Year 2 Year 1 Current ratio 1.52X Quick ratio b. What conclusion can be drawn from these data? Sherwood's liquidity position has improved during the period. V