Exercise 11-8 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 Cash and cash equivalents $3,100 $1,899 Accounts receivable, net 3,450 3,140 Inventories 2,765 3,013 Other current assets 1,950 1,587 Total current assets $11,265 $9,639 Current liabilities $4,814 $5,824 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 :1 2017 :1 Working capital 2016 $ million 2017 $ million Link to Text Suppose that at the end of 2017, 3M management used $188 million cash to pay off $188 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 :1 Working capital $ million