Galaxy United, Inc. 2009 Income Statement ($ in thousands) Net sales $5,720 Less: Cost of goods sold 4,070 Less: Depreciation 410 Earnings before interest and taxes 1,240 Less: Interest paid 31 Taxable Income 1,209 Less: Taxes 423 Net income $ 786 Galaxy United, Inc. 2008 and 2009 Balance Sheets ($ in thousands) 2008 2009 2008 2009 Cash $ 70 $ 160 Accounts payable $1,320 $1,200 Accounts rec. 980 830 Long-term debt 720 520 Inventory 1,510 1,960 Common stock $3,150 $3,314 Total $2,560 $2,950 Retained earnings 920 1,206 Net fixed assets 3,550 3,290 Total assets $6,110 $6,240 Total liab. & equity $6,110 $6,240 What is the debt-equity ratio for 2009? A .45 B .38 C.47 D .23 E. 26