Accounts receivable

$15,000

Sales revenues

845,000

Gain on sale of equipment

14,000

Retained earnings (beginning of year, January 1, 20X1)

120,000

Accounts payable

25,000

Loan payable

45,000

Cost of goods sold

650,000

Cash

65,000

Inventory

11,000

Common stock

41,000

Operating expenses

210,000

Dividends

34,000

Unearned revenue

55,000

Property, plant, and equipment

145,000

Prepaid rent

50,000

Bonds payable

35,000

Given these data, what is Thomson's DEBT-TO-EQUITY RATIO as of December 31, 20X1?

1.27

1.00

1.88

0.99

1.01

0.78

0.79

0.56

Please provide clear explanation with calculation process. Thanks!