Exercise 11-8 Suppose the following financial data were reported by 3M Company for 2016 and 2017 (dollars in millions). 2016 3M Company Balance Sheets (partial) 2017 Current assets Cash and cash equivalents $3,000 Accounts receivable, net 3,590 Inventories 2,756 Other current assets 1,878 Total current assets $11,224 Current liabilities $4,775 $1,917 3,140 3,013 1,556 $9,626 $5,866 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. Enter working capital answers to million.) Current ratio 2016 2017 Working capital 2016 million 2017 million Suppose that at the end of 2017, 3M management used $191 million cash to pay off $191 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. Enter working capital answer to million.) Current ratio Working capitals million