Clayton Industries has the following account balances:
Current assets $24,000
Current liabilities $8,000
Noncurrent assets $89,000
Noncurrent liabilities $54,000
Stockholders’ equity $51,000

The company wishes to raise $34,000 in cash and is considering two financing options: Clayton can sell $34,000 of bonds payable, or it can issue additional common stock for $34,000. To help in the decision process, Clayton's management wants to determine the effects of each alternative on its current ratio and debt-to-assets ratio.

Required:
a-1. Compute the current ratio for Clayton's management.
Note: Round your answers to 2 decimal places.