View Policies -15 Current Attempt in Progress On June 30, 2020, Kovacs Company borrowed $410,000 at a bank by signing a five-year, 10% loan. The terms of the loan require equal semi-annual principal payments plus interest beginning December 31, 2020. The loan agreement requires the company to maintain a current ratio of 2.5. The December 31, 2020, year-end statement of financial position, immediately prior to the bank loan repayment and the reclassification of long-term debt, follows: Current assets $205,200 Current liabilities $54,000 Non-current assets 511,800 Loan payable 410,000 Common shares 157,000 Retained earnings 96,000 Total liabilities and Total assets $717.000 shareholders' equity $717,000 Does Kovacs Company comply with the current ratio requirement prior to recording the December 31 loan payment? (Round answer to 1 decimal place, e.g. 1.2.)