Luther Corporation Consolidated Balance Sheet December 31, 2009 and 2008 (in $ millions) 2009 2008 Assets Current Assets Cash 63.6 58.5 Liabilities and Stockholders' Equity 2009 2008 Current Liabilities Accounts payable 87.6 73.5 Notes payable/ short-term debt 10.5 9.6 Current maturities of long-term debt 39.9 36.9 Other current liabilities 6.0 12.0 Total current liabilities 144.0 132.0 Accounts receivable 55.5 39.6 Inventories 45.9 42.9 Other current assets 6.0 Total current assets 171.0 144.0 3.0 239.7 168.9 Long-Term Liabilities Long-term debt Capital lease obligations Total Debt 91.5 239.7 168.9 Long-Term Assets Land 66.6 62.1 Buildings 109.5 Equipment 119.1 99.6 Less accumulated depreciation (56.1) (52.5) Net property, plant, and equipment 239.1 200.7 Goodwill 60.0 Other long-term assets 63.0 Total long-term assets 362.1 242.7 Deferred taxes 22.8 22.2 42.0 Other long-term liabilities Total long-term liabilities 262.5 191.1 Total liabilities 406.5 323.1 Stockholders' Equity 126.6 63.6 Total liabilities and Stockholders' Equity Total Assets 533.1 386.7 533.1 386.7 4) If in 2009 Luther has 10.2 million shares outstanding and these shares are trading at $16 per share, then using the market value of equity, the debt to equity ratio for Luther in 2009 is closest to: A) 1.47 B) 1.78 C) 2.31 D) 4.07