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Use the table for the question(s) below. Consider the following balance sheet: Luther Corporation Consolidated Balance Sheet December 31, 2019 and 2018 (in $ millions)

Use the table for the question(s) below.

Consider the following balance sheet:

Luther Corporation

Consolidated Balance Sheet

December 31, 2019 and 2018 (in $ millions)

Assets 2019 2018 Liabilities and Stockholders' Equity 2019 2018
Current Assets Current Liabilities
Cash 63.6 58.5 Accounts payable 87.6 73.5
Accounts receivable 55.5 39.6

Notes payable /

shortterm

debt

10.5 9.6
Inventories 45.9 42.9

Current maturities of

longterm

debt

39.9 36.9
Other current assets 6.0 3.0 Other current liabilities 6.0 12.0
Total current assets 171.0 144.0 Total current liabilities 144.0 132.0

LongTerm

Assets

LongTerm

Liabilities

Land 66.6 62.1

Longterm

debt

239.7 168.9
Buildings 109.5 91.5 Capital lease obligations
Equipment 119.1 99.6 Total Debt 239.7 168.9

Less accumulated

depreciation

(56.1) (52.5) Deferred taxes 22.8 22.2
Net property, plant, and equipment 239.1 200.7

Other

longterm

liabilities

Goodwill 60.0

Total

longterm

liabilities

262.5 191.1

Other

longterm

assets

63.0 42.0 Total liabilities 406.5 323.1

Total

longterm

assets

362.1 242.7 Stockholders' Equity 126.6 63.6
Total Assets 533.1 386.7 Total liabilities and Stockholders' Equity 533.1 386.7

When using the book value of equity, the debt to equity ratio for Luther in 2019 is closest to:

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