Condensed statement of financial position and income statement data for Pronghorn Ltd. are shown below. You are required to calculate certain financial ratios. Round your final results to one decimal place. Assets Current assets Cash PRONGHORN LTD. Statement of Financial Position December 31 (in thousands) 2018 2017 2016 $ 30 $ 80 $ 200 Accounts receivable 900 700 500 Inventory 1,200 800 500 Total current assets 2.130 1.580 1,200 Property, plant, and equipment (net) 4.100 3,800 3.200 Total assets $6,230 $5.380 $4.400 Liabilities and Shareholders' Equity Liabilities Current liabilities Total liabilities Shareholders' equity $ 600 $ 550 $ 500 Non-current liabilities 3.070 2.320 1.500 3.670 2.870 2,000 Common shares 1,000 1,000 1,000 Retained earnings 1.560 1510 1400 Total shareholders' equity 2,560 2.510 2.100 Total liabilities and shareholders' equity $6.230 $5.380 $1.100 PRONGHORN LTD. Income Statement Year Ended December 31 (in thousands) 2018 2017 2016 Sales (all on credit) $4.500 $4,000 $3,600 Cost of goods sold 2,500 2,100 1,800 Gross profit 2,000 1,900 1,800 Operating expenses 1450 1,475 1,490 Income from operations 550 425 310 Interest expense 190 130 70 Income before income tax 360 295 240 Income tax expense 90 75 60 Net income $ 270 $ 220 $ 180 The company paid all dividends as soon as they were declared and has only issued common shares. Retained earnings at the beginning of 2016 were $1.3 million. The dividend payout ratio for 2016 is 44.4% 34.9% 28.2% 36.3% None of the above