Over the Rainbow, LLC reported the following information on its balance sheets for two recent years: 12.31.20x9 12.31.20x8 Total Assets $310,000 (b) Total Liabilities : (a) $155,050 Total Equity $226,300 $287,950 QUESTION 1: The value of (a) is QUESTION 2: The value of (b) is QUESTION 3: Based on the above information, which of the following statements is correct? OOOOO In 20x9, the company had $0.27 of debt for every $1.00 of assets. The debt ratio in 20x8 is 35%. The company's solvency improved between 20x8 and 20x9. In both years, the company had more assets than debt. All of the above statements are correct