Chestnut, Inc. reported the following balances on its balance sheet at December 31, Year 1: Total Assets $ 460,000 Total Liabilities $ 170,000 0:15 Common Stock Retained Earnings Total Equity 160,000 130,000 290,000 Total Liabilities and Equity $ 460,000 On January 1, Year 2. Chestnut purchased equipment for $40,000 on account. What is the company's debt-to-assets ratio immediately after the purchase of the equipment? Multiple Choice 0.46 0.34 0.42 0.37 fly