Analysis Case 16-10 Analyzing the effect of deferred tax liabilities on firm risk; disclosures; financial statement effects; Macy's, Inc. 16-8 Real World Financials The following is a portion of the balance sheets of Macy's, Inc., for the years ended February 1, 2020, and February 2, 2019: 1. What is Macy's debt to equity ratio for the year ended February 1, 2020? 2. What would Macy's debt to equity ratio be if we excluded long-term net deferred tax liabilities from its calculation? What would be the percentage change? 3. What might be the rationale for not excluding long-term net deferred tax liabilities from liabilities when computing the debt to equity ratio? Analysis Case 16-10 Analyzing the effect of deferred tax liabilities on firm risk; disclosures; financial statement effects; Macy's, Inc. 16-8 Real World Financials The following is a portion of the balance sheets of Macy's, Inc., for the years ended February 1, 2020, and February 2, 2019: 1. What is Macy's debt to equity ratio for the year ended February 1, 2020? 2. What would Macy's debt to equity ratio be if we excluded long-term net deferred tax liabilities from its calculation? What would be the percentage change? 3. What might be the rationale for not excluding long-term net deferred tax liabilities from liabilities when computing the debt to equity ratio