An analyst is evaluating the solvency and liquidity of ABX Manufacturing and has collected the following data (in millions of euro) FY4 () Total debt FY5 (E) 2,000 4,000 1.900 4.500 FY3 (E) 1.750 5,000 Total cquity Which of the following would be the analyst's most likely conclusion? O a. The company is becoming increasingly more liquid, as evidenced by the increase in its debt- to-equity ratio from 0.35 to 0.50 from FY3 to FY5 ob. The company is becoming less liquid, as evidenced by the increase in its debt-to-equity ratio from 0.35 to 0.50 from FY3 to FY5. Oc. The company is becoming increasingly less solvent, as evidenced by the increase in its debt- to-equity ratio from 0.35 to 0.50 from FY3 to FY5. d. The company is becoming less liquid, as evidenced by the increase in its debt-to-equity ratio from 0.35 to 0.50 from FY3 to FY5 AND The company is becoming increasingly more liquid, as evidenced by the increase in its debt-to-equity ratio from 0.35 to 0.50 from FY3 to FY5