Calculate the dividend payout ratio (dividends of $1.25 per common share for the year) for 2020. (Round answer to 1 decimal place, e.g. 2.5.) Dividend payout ratio 6.0 % Blossom Medical Comparative Income Statement and Statement of Retained Earnings For the Year 2020 2019 Sales revenue (all on account) $10,177,200 $9,613,900 Cost of goods sold 5,611,600 5,298,700 Gross profit 4,565,600 4,315,200 Operating expenses 2,840,200 2,634,100 Net operating income 1,725,400 1,681,100 Interest expense 300,300 308,600 Net income before taxes 1,425,100 1,372,500 Income taxes (30%) 427,530 411,750 Net income $997,570 $960,750 Dividends paid Preferred dividends 29,450 29,450 Common dividends 433,350 413,000 Total dividends paid 462,800 442,450 Net income retained 534,770 518,300 Retained earnings, beginning of year 3,660,600 3,142,300 Retained earnings, end of year $4,195,370 $3,660,600 Comparative Balance Sheet As of December 31 2020 2019 Assets Current assets Cash Accounts receivable, net Inventory Other current assets Total current assets Property, plant, & equipment, net Total assets $352,000 1,000,000 717,000 381,300 2,450,300 8,766,170 $11,216,470 $417,400 776,400 681,000 247,000 2,121,800 8,440,100 $10,561,900 Liabilities and Stockholders' Equity Current liabilities Long-term debt Total liabilities Preferred stock, $5 par value Common stock, $0.25 par value Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $3,155,000 3,702,600 6,857,600 58,900 104,600 4,195,370 $2,846,000 3,892,600 6,738,600 58,900 103,800 3,660,600 3,823,300 $10,561,900 4,358,870 $11,216,470