Red Lumber Corporation

Consolidated Balance Sheet

December 31, 2016 and 2015 (in $ millions)

Assets	2016	2015		Liabilities and Stockholders' Equity	2016	2015
Current Assets				Current Liabilities
Cash	63.6	58.5		Accounts payable	87.6	73.5
Accounts receivable	59.5	39.6		Notes payable/ short-term debt	15.5	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	175.0	144.0		Total current liabilities	149.0	132.0
Long-Term Assets				Long-Term Liabilities
Land	66.6	62.1		Long-term debt	242.7	168.9
Buildings	109.5	91.5		Capital lease obligations	---	---
Equipment	123.1	99.6		Total Long-term Debt	242.7	168.9
Less accumulated depreciation	(56.1)	(52.5)		Deferred taxes	22.8	22.2
Net property, plant, and equipment	243.1	200.7		Other long-term liabilities	---	---
Goodwill	60.0	--		Total long-term liabilities	265.5	191.1
Other long-term assets	63.0	42.0		Total liabilities	406.5	323.1
Total long-term assets	366.1	242.7		Stockholders' Equity	126.6	63.6
Total Assets	541.1	386.7		Total liabilities and Stockholders' Equity	541.1	386.7

If in 2016 Red Lumber had 12 million shares outstanding and these shares are trading at $25 per share, then using the market value of equity, the debt to equity ratio for Red Lumber in 2016 is closest to: