The condensed balance sheet and income statement for Marjoram Company are presented below. MARJORAM COMPANY Balance Sheet At December 31, 2021 Cash Notes receivable (due August 15, 2022) Accounts receivable (net) Merchandise inventory Property, plant, and equipment (net) Intangible assets Total assets Current liabilities Bonds payable (10%) (long-term) Common stock Retained earnings Total liabilities and equity $ 24,000 39,000 50,400 73,600 300,000 14,400 $501,400 $105,800 150,000 80,000 165,600 $501,400 MARJORAM COMPANY Income Statement For the Year ended December 31, 2021 Sales Cost of goods sold Gross profit Operating expenses ting income Interest expense Income before income tax Income tax expense Net income $854,000 472,400 $381,600 178,200 $203,400 15,000 $188,400 56,520 $131, 880 Required: Compute the debt to equity ratio for Marjoram Company. (Round your answer to 2 decimal places.) Debt to equity ratio