pter 13 Help Save & Exit Submit Check my work Plum Corporation began the month of May with $1,400,000 of current assets, a current ratio of 2.20:1, and an acid-test ratio of 1.60:1. During the month, it completed the following transactions (the company uses a perpetual Inventory system). -Book May 2 Purchased $70,000 of merchandise inventory on credit. 8 Sold merchandise inventory that cost $55,000 for $140,000 cash. 10 Collected $23.000 cash on an account receivable. 15 Paid $25.000 cash to settle an account payable. 17 Wrote off a $5,000 bad debt against the Allowance for Doubtful Accounts account. 22 Declared a $1 per share cash dividend on its 56,000 shares of outstanding common stock. 26 Paid the dividend declared on May 22. 27 Borrowed $120,000 cash by giving the bank a 30-day, 109 note. 28 Borrowed $135,000 cash by signing a long-term secured note. 29 Used the $255,000 cash proceeds from the notes to buy new machinery. erences Required: Complete the table showing Plum's (1) current ratio, (2) acid-test ratio, and (3) working capital after each transaction. (Do not round Intermediate calculations. Round your ratios to 2 decimal places and the working capitals to nearest dollar amount.Subtracted amount should be indicated with a minus sign.) Transaction Beginning Current Assets $ 1,400,000 Quick Assets $ 1,018,182 Current Liabilities Current Ratio $ 636,364 220 Acid-Test Ratio Working Capital 1.60 $ 763,636 May 27 1.400,000 636,364 Balance May 8 + Balance May 10 Required: Complete the table showing Plum's (1) current ratio, (2) acid-test ratio, and (3) working capital after each transaction. (Do not round Intermediate calculations. Round your ratios to 2 decimal places and the working capitals to nearest dollar amount.Subtracted amount should be indicated with a minus sign.) Transaction Beginning May 2 Current Quick Assets Assets $ 1.400,000 $ 1,018,182 Current Liabilities Current Ratio $ 636,364 Acid-Test Ratio Working Capital 1.60 $ 763,636 1,400,000 636,364 Balance May 8 Balance May 10 Balance May 15 Balance May 17 Balance May 22 May 17 Balance May 22 Balance Jook May 26 rint Fences Balance May 27 Balance May 28 Balance May 29 Balance