Galaxy United, Inc. 2009 Income Statement ($ in thousands)
Net sales	$5,710
Less: Cost of goods sold	4,040
Less: Depreciation	410
Earnings before interest and taxes	1,260
Less: Interest paid	29
Taxable Income	1,231
Less: Taxes	431
Net income	$ 800

Galaxy United, Inc. 2008 and 2009 Balance Sheets ($ in thousands)
	2008	2009			2008	2009
Cash	$ 65	$ 180		Accounts payable	$1,340	$1,180
Accounts rec.	980	830		Long-term debt	720	520
Inventory	1,540	1,950		Common stock	$3,205	$3,310
Total	$2,585	$2,960		Retained earnings	920	1,220
Net fixed assets	3,600	3,270
Total assets	$6,185	$6,230		Total liab. & equity	$6,185	$6,230

What is the debt-equity ratio for 2009?

.45

.48

.22

.38

.26