A certain firm reported total current liabilities of $150,000, long-term debt of $250,000, and total liabilities and owners' equity of $1 million on its most recent balance sheet. What is the firm's debt ratio? Select one: a. 20.0% b. 40.0% c. 15.0% d. 50.0% e. 25.0% The CEO of EEC Corp just announced a goal of $240,000 of net income for next year. EEC is expected to have interest expense of $60,000 next year and a tax rate of 40%. What level of EBIT would the firm need to achieve to meet the net income target set by the CEO? Select one a. $340,000 b. $360,000 c. $380,000 d. $420,000 e. $460,000