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Luther Corporation Consolidated Balance Sheet December 31, 2019 and 2018 (in $ millions) Assets 2019 2018 Liabilities and Stockholders' Equity 2019 2018 Current Assets Current

Luther Corporation

Consolidated Balance Sheet

December 31, 2019 and 2018 (in $ millions)

Assets

2019

2018

Liabilities and Stockholders' Equity

2019

2018

Current Assets

Current Liabilities

Cash

63.6

58.5

Accounts payable

87.6

73.5

Accounts receivable

55.5

39.6

Notes payable/

short-term debt

10.5

9.6

Inventories

45.9

42.9

Current maturities of long-term debt

39.9

36.9

Other current assets

6.0

3.0

Other current liabilities

6.0

12.0

Total current assets

171.0

144.0

Total current liabilities

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

---

---

Goodwill

60.0

--

Total long-term liabilities

262.5

191.1

Other long-term assets

63.0

42.0

Total liabilities

406.5

323.1

Total long-term assets

362.1

242.7

Stockholders' Equity

126.6

63.6

Total Assets

533.1

386.7

Total liabilities and Stockholders' Equity

533.1

386.7

If in 2019 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 2019 is closest to:

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