Suppose 3M Company reported the following financial data for 2017 and 2016 (in millions). 3M COMPANY Balance Sheet (partial) 2017 2016 Current assets Cash and cash equivalents $2,955 $1,805 Accounts receivable, net 3,005 3,105 Inventories 2,505 2,805 Other current assets 1,655 1,455 Total current assets $10,120 $9,170 Current liabilities $4,352 $5,135 Calculate the current ratio for 3M for 2017 and 2016. (Round answers to 2 decimal places, e.g. 1.25:1) 2017 2016 Current ratio :1 :1 Suppose that at the end of 2017, 3M management used $255 million cash to pay off $255 million of accounts payable. What would the new ratio be? (Round answer to 2 decimal places, e.g. 1.25:1) Current ratio :1