Given the following information for Blue Bell Company for last year: Net sales (all on account) Cost of goods sold Interest expense Income tax expense Net income Income tax rate Total assets: Shareholders' equity (all common): Current assets, December 31 Quick assets, December 31 Current liabilities, December 31 Net accounts receivable: Inventory: $5,200,000 2,080,000 240,000 280,000 420,000 40% $1,800,000 January 1 December 31 2,400,000 January 1 1,500,000 December 31 1,600,000 700,000 400,000 300,000 January 1 200,000 December 31 180,000 January 1 210,000 December 31 250,000 Refer to Exhibit 4-1. Blue Bell's debt to assets ratio December 31 was