Doyle Company's condensed and adapted balance sheet at December 31, 2021, follows: (Click the icon to view the selected accounts and balances.) Assume that during the first quarter of the following year, 2022, Doyle completed the following transactions: (Click the icon to view the transactions.) Read the requirements. lotal current assets 15.6 $ $ Now let's calculate Doyle's debt ratio at December 31, 2021. Total liabilities 14.4 The current ratio including transaction a. is The debt ratio including transaction a. is Total current liabilities 1.96 0.42 9.2 Get more help. Total assets 32.0 Requirement 2. Consider each transaction separately. Calculate Doyle's current ratio and debt ratio after each transaction during 2022- a. Earned revenue, $2.4 million, on account. Now, include the a. transaction for 2022 in our original ratio calculations at December 31, 2021. Current ratio 1.70 Debt ratio 0.45 b. Borrowed $4.0 million on long-term debt. Now, include the b. transaction for 2022 in our original ratio calculations at December 31, 2021. 2.13 0.51 The current ratio including transaction b. is The debt ratio including transaction b. is c. Paid half the current liabilities. Now, include the c. transaction for 2022 in our original ratio calculations at December 31, 2021. The current ratio including transaction c. is More info Total current assets Property, plant, equipment, and other assets Total current liabilities Total long-term liabilities Total shareholders' equity Print Done Print (In millions) $ Done $ $ $ 15.6 16.4 32.0 9.2 5.2 17.6 a. Earned revenue, $2.4 million, on account. b. Borrowed $4.0 million in long-term debt. c. Paid half of the current liabilities. d. Paid selling expense of $0.6 million. e. Accrued general expense of $0.4 million. Credit General Expense Payable, a current liability. f. Purchased equipment for $4.3 million, paying cash of $1.8 million, and signing a long-term note payable for $2.5 million. g. Recorded depreciation expense of $0.5 million. 32.0 X