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i dont understand how the answer is 2.29? how do you calculate this? ive used total debt value in this equation and total liabilities, none

i dont understand how the answer is 2.29? how do you calculate this? ive used total debt value in this equation and total liabilities, none of them worked in getting thet answer image text in transcribed
image text in transcribed
Luther Corporation Consolidated Balance Sheet December 31, 2019 and 2018 (in $ millions) Assets Liabilities and Stockholders' Equity 2019 2018 2019 2018 Current Assets Current Liabilities Cash 63.6 58.5 Accounts payable 87.6 73.5 Notes payable / short-term debt Accounts receivable 55.5 39.6 10.5 9.6 Current maturities of Inventories 45.9 42.9 long-term debt 39.9 36.9 Other current assets 6.0 3.0 Other current liabilities 6.0 12.0 171.0 144.0 144.0 132.0 Long-Term Assets Long-Term Liabilities Land 66.6 62.1 Long-term debt 239.7 168.9 Buildings 109.5 91.5 Capital lease obligations Equipment 119.1 99.6 Total Debt 239.7 168.9 Less accumulated depreciation (56.1) (52.5) Deferred taxes 22.8 22.2 Net property, plant, and equipment 239.1 200.7 Other long-term liabilities 262.5 -- 191.1 Goodwill 60.0 63.0 42.0 406.5 Total liabilities Other long-term assets 323.1 362.1 242.7 Total long-term assets 126,6 Stockholders' Equity 63.6 Total liabilities and 533.1 386.7 Stockholders' Equity 386.7 Total Assets 533.1 When using the book value of equity, the debt to equity ratio for Luther in 2019 is closest to: Total current assets Total current liabilities Total long-term liabilities When using the book value of equity, the debt to equity ratio for Luther in 2019 is closest to: ICKER A. 2.98. B. 3.57. C. 0.43. D. 2.29. Not D not B, answer is C

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