Suppose 3M Company reported the following financial data for 2022 and 2021 (in millions). 2021 3M COMPANY Balance Sheet (partial) 2022 Current assets Cash and cash equivalents $2,975 Accounts receivable, net 3,180 Inventories 2,575 Other current assets 1,800 Total current assets $10.530 Current liabilities $4,387 $1,780 3,130 2,940 1,470 $9,320 $5,604 (a) Your answer is correct. Calculate the current ratio for 3M for 2022 and 2021. (Round answers to 2 decimal places, e.g. 1.25:1) 2022 2021 Current ratio 2.40 :1 1.66 :1 (b) Your answer is incorrect. Suppose that at the end of 2022, 3M management used $200 million cash to pay off $200 million of accounts payable. What would the new ratio be? (Round answer to 2 decimal places, e.g. 1.25:1) Current ratio :1