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Exercise 11-08 a-b Suppose the following financial data were reported by 3M Company for 2019 and 2020 (dollars in millions) 3M Company Balance Sheets (partial) 2020 2019 Current assets Cash and cash equivalents $3,200 $1,845 Accounts receivable, net 3,450 3,180 Inventories 2,639 3,042 Other current assets 1,872 1,549 Total current assets $9,616 $11,161 $4,853 $5,893 Current liabilities Calculate the current ratio and working capital for 3M for 2019 and 2020. (Round current ratio to 2 decimal places, e. g. 1.25 : 1. Enter working capital answers to million.) Current ratio 2019 :1 2020 :1 Working capital million 2019 $ 2020 million LINK T XT Suppose that at the end of 2020, 3M management used $197 million cash to pay off $197 million of accounts payable. How would its current ratio and working capital have changed? (Round current ratio to 2 decimal places, e.g. 1.25 : 1. Enter working capital answer to million.) Current ratio :1 Working capital million Open Show Work Click if you would like to Show Work for this