Exercise 10-16 Suppose the following financial data were reported by 3M Company for 2016 and 2017 (dollars in millions). 3M Company Balance Sheets (partial) 2017 2016 Current assets 3,030 $1,863 Cash and cash equivalents Accounts receivable, net 3,090 3,130 2,612 3,024 Inventories 1,541 1,810 Other current assets $10,542 $9,558 Total current assets Current liabilities 4,946 $5,875 (a) Calculate the current ratio and working capital for 3M for 2016 and 2017. (Round current ratio to 2 decimal places, e.g. 1.25 1.) urrent ratio 2016 2017 orking capital 2016 million 2017 million (b) Suppose that at the end of 2017, 3M management used $150 million cash to pay off $150 million of accounts payable. How would its current ratio and working capital have changed (Round current ratio to 2 decimal places, e.g. 1.25 1.) Current ratio Working capital On