The balance sheet for Parker Inc. at the end of the first year of operations indicates the following:

2009 Total current assets $600,000 Total investments 85,000 Total property, plant, and equipment 900,000 Current portion of long-term debt 250,000 Total long-term liabilities 350,000 Common stock, $10 par 600,000 Paid-in capital in excess of par—common stock 60,000 Retained earnings 325,000 What is the long-term debt to total assets ratio for 2009 (rounded to one decimal place)?

a. 37.9%

b. 40.0%

c. 22.1%

d. 41.7%