In the past year, Cullumber Corporation reported assets of $232046000. Liabilities reported on the balance sheet on the same date were reported at $68944592. Cullumber issued a new note payable for cash during the year. The 8%, 5-year note was issued at a face value of $5020000. What is the companys debt to asset ratio after the refinance?

29.71%

29.08%

31.87%

31.20%