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Dividend Aristocrat Inc. (DA) borrowed $192,000 from Grow Business Bank to finance the purchase of equipment costing $144,000 and to provide $48,000 in cash. The legal documentation states that the loan matures in 20 years, and the principal is to be paid in annual instalments of $9,600. 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 $91,000. The 2020 year-end statement of financial position, immediately prior to the bank loan and the purchase of equipment, follows: Current assets $101,400 Current liabilities $78,000 Non-current assets 393,600 Long-term liabilities 192,000 Common shares 96,000 Retained earnings 129,000 Total liabilities and Total assets $495,000 shareholders' equity $495,000 Prepare the following statement of financial position assuming the maximum divided is declared and paid. Current Assets $ Current Liabilities Non-current Assets Long-term Liabilities Common Shares Retained Earnings Total Liabilities and Total Assets $ Shareholder's Equity $ Calculate the current ratio using the updated statement of financial position. (Round answer to 2 decimal places, e.g. 7.25.) Current Ratio Dividend Aristocrat Inc. in compliance with the loan agreeement. is not is