23) Luther Corporation Consolidated Balance Sheet December 31, 2006 and 2005 (in $ millions) Liabilities and Assets 2006 2005 Stockholders' Equity 2006 2005 Current Assets Current Liabilities Cash 57.6 58.5 Accounts payable 86.0 73.5 Notes payable/short-term Accounts receivable 55.2 39.6 debt 10.5 9.6 Current maturities of long- Inventories 45.6 42.9 term debt 39.6 36.9 Other current assets 5.6 3.0 Other current liabilities 6.0 12.0 Total current assets 164.0 144.0 Total current liabilities 142.1 132.0 Long-Term Assets Long-Term Liabilities Land 66.4 62.1 Long-term debt 231.3 168.9 Buildings 108.3 91.5 Capital lease obligations Equipment 114.3 99.6 Less accumulated depreciation (54.4) (52.5) Deferred taxes 22.8 22.2 Net property, plant, and equipment 234.6 200.7 Other long-term liabilities Goodwill 60.0 - Total long-term liabilities 254.1 191.1 Other long-term assets 63.0 42.0 Total liabilities 396.2 323.1 Total long-term assets 357.6 242.7 Stockholders' Equity 125.4 63.6 Total liabilities and Total Assets 521.6 386.7 Stockholders' Equity 521.6 386.7 Refer to the balance sheet above. If in 2006 Luther has 12.8 million shares outstanding and these shares are trading at $22.43 per share, then using the market value of equity, the debt-equity ratio for Luther in 2005 is closest to A).75 B).72 C).65 D).70