Comparative Balance Sheet As of December 31 20202019 Assets Current assets Cash Accounts receivable, net Inventory Liabilities and Stockholders' Equity Matthias Medical Comparative Income Statement and Statement of Retained Earnings For the Year Sales revenue (all on account) Cost of goods sold Gross profit $10,177,200$9,613,900 Operating expenses Net operating income 4,765,4005,411,8004,315,2005,298,700 Interest expense Net income before taxes 1,865,5002,899,9001,681,1002,634,100 Income taxes (30%) Net income Dividends paid 1,565,200300,3001,372,500308,600 \begin{tabular}{lrrr} Preferred dividends & 29,450 & 29,450 \\ Common dividends & 419,270 & 413,000 \\ \cline { 1 - 2 } & 448,720 & 442,450 \\ Total dividends paid & 646,920 & 518,300 \\ Net income retained & 3,660,600 & 3,142,300 \\ \cline { 2 } \cline { 4 } Retained earnings, beginning of year & $4,307,520 & $3,660,600 \end{tabular} Calculate the following leverage ratios for 2020. (Round all answers to 2 decimal places, eg. 2.55\% or 2.55.) a. Debtratio % b. Debt-to-equityratio c. Times interest earned ratio times