Current Position Analysis The bond indenture for the 10-year, 9% debenture bonds issued January 2, 20Y5, required working capital of $100,000, a current ratio of 1.5, and a quick ratio of 1.0 at the end of each calendar year until the bonds mature. At December 31, 20Y6, the three measures were computed as follows: 1. Current assets Cash Temporary investments Accounts and notes receivable (net) Inventories Prepaid expenses Intangible assets Property, plant, and equipment $102,000 48,000 120,000 36,000 24,000 124,800 55,200 Total current assets (net) $510,000 2. Current liabilities Accounts and short-term notes payable $96,000 Accrued liabilities 204,000 Total current liabilities 300,000 Working capital Find:1. Current ratio 2. Quick ratio 3. Find the errors in the determination of the three measures of current position analysis.