Define leverage ratio as ending debt divided by ending total assets, and debt as the sum of non$-$

operating liabilities. The leverage ratio as reported by Rent$-$A$-$Center in $2021$ was $0\mathrm{.}326$

calculated as follows $($numbers are inclusive of operating lease assets and liabilities$)$:

Using the present value of operating leases disclosed by the firm of $$296,535,$ calculate what the

debt ratio would have been had the new accounting rules not been adopted. Assume the

reported operating lease liability equals the reported right$-$of$-$use asset amount. Hint, the number

will be less than $0\mathrm{.}624$ and somewhere between $0\mathrm{.}5$ and $0\mathrm{.}6.$