Luther Corporation Consolidated Balance Sheet December 31, 2019 and 2018 (in $ millions) + 2019 2018 Assets Current Assets Cash 63.6 58.5 Liabilities and Stockholders' Equity 2019 2018 Current Liabilities Accounts payable 10.4 73.5 Notes payable / short-term debt 37.7 9.6 Current maturities of long-term debt 89.9 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 3.0 Total current assets 171.0 144.0 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: a. 1.47 b. 1.78 c. 2.41 d. 4.07 e. None of the above 66.6 249.7 168.9 109.5 62.1 91.5 99.6 Long-Term Liabilities Long-term debt Capital lease obligations Total Long Term Debt 119.1 249.7 168.9 Long-Term Assets Land Buildings Equipment Less accumulated depreciation Net property, plant, and equipment Goodwill Other long-term assets Total long-term assets (56.1) (52.5) Deferred taxes 12.8 22.2 239.1 200.7 60.0 63.0 42.0 362.1 242.7 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