Problem $15-7$ Financial Leverage

Fields, Incorporated, has the following book value balance sheet:

a$.$ What is the debt$-$equity ratio based on book values? $($Do not round intermediate

calculations and round your answer to $3$ decimal places, e$.$g$.,32\mathrm{.}161.)$

b$.$ Suppose the market value of the company's debt is $$198\mathrm{.}5$ million and the market

value of equity is $$665$ million. What is the debt$-$equity ratio based on market values?

$($Do not round intermediate calculations and round your answer to $3$ decimal

places, e$.$g$.,32\mathrm{.}161.)$