E11-8B The following financial data were reported by Miles Company for 2016 and 2017 (dollars in millions). 2016 MILES COMPANY Balance Sheets (partial) 2017 Current assets Cash and cash equivalents $ 720 Accounts receivable, net 2,350 Inventories 1,300 Other current assets 500 Total current assets $4,870 Current liabilities $3,450 $2,150 2,200 1,100 600 $6,050 $4,340 Instructions (a) Calculate the current ratio and working capital for Miles for 2016 and 2017. (b) Suppose that at the end of 2017 Wayne management used $200 million cash to pay off $200 million of accounts payable. How would its current ratio and working capital have changed