Galaxy United, Inc. 2009 Income Statement ($ in thousands) Net sales $5,690 Less: Cost of goods sold 4,040 Less: Depreciation 430 Earnings before interest and taxes 1,220 Less: Interest paid 29 Taxable Income 1,191 Less: Taxes 417 Net income $ 774 Galaxy United, Inc. 2008 and 2009 Balance Sheets ($ in thousands) 2008 2009 2008 2009 Cash $ 60 $ 180 Accounts payable $1,330 $1,220 Accounts rec. 980 840 Long-term debt 710 510 Inventory 1,540 1,980 Common stock $3,160 $3,356 Total $2,580 $3,000 Retained earnings 910 1,184 Net fixed assets 3,530 3,270 Total assets $6,110 $6,270 Total liab. & equity $6,110 $6,270 What is the debt-equity ratio for 2009? .48 .45 .27 .22 .38