Luther Corporation Consolidated Balance Sheet 30 June 2017 and 2018

Multiple Choice

Luther Corporation Consolidated Balance Sheet 30 June 2017 and 2018 (in $ millions)

-Refer to the balance sheet above. If in 2017, Luther has 5.2 million shares outstanding and these shares are trading at $16 per share, then using the market value of equity, the debt-equity ratio for Luther in 2017 is closest to:

A) 2.71
B) 2.61
C) 2.59
D) 2.55