lincrat corp reports a current ratio of 3 to 1 in its 20×2 financial statements the statement of financial position shows current assets of 3116500

Required:
1. Record all journal entries for the sequence of events assuming: a. he transfer is recorded as a sale derecognition, and b. he transfer is recorded as a borrowing.
2. Calculate the current ratio, after the initial entry in requirements 1a and 1b, and comment on the result.