Crane Medical manufactures hospital beds and other institutional furniture. The comparr's comparative balance sheet and income statement for 2019 and 2020 follow. \begin{tabular}{|c|c|c|} \hline \multicolumn{3}{|c|}{\begin{tabular}{l} Crane Medical \\ Comparative Balance Sheet \\ As of December 31 \end{tabular}} \\ \hline & 2020 & 2019 \\ \hline \multicolumn{3}{|l|}{ Assets } \\ \hline \multicolumn{3}{|l|}{ Current assets } \\ \hline Cash & $377,000 & $417,400 \\ \hline Accounts receivable, net & 1,048,000 & 776,450 \\ \hline Imventory & 729,000 & 691,10 \\ \hline Other current assets & 381,300 & 247,10 \\ \hline Total current assets & 2,535,300 & 2,122,05 \\ \hline Property, plant, \& equipment, net & 8,706,535 & 8,440,04 \\ \hline Total assets & $11,241,835 & $10,562,09 \\ \hline \multicolumn{3}{|l|}{ Liabilities and Stockholders' Equity } \\ \hline Current liabilities & $3,181,000 & $2,846,10 \\ \hline Long-term debt & 3,702,700 & 3,892,65 \\ \hline Total liabilities & 6,893,700 & 6,738,75 \\ \hline Preferred stock, $5 par value & 59,000 & 59,00 \\ \hline Common stock, $0.25 par value & 104,650 & 103,90 \\ \hline Retained earnings & 4,194,485 & 3,660,44 \\ \hline Total stockholders' equity & 4,358,135 & 3,623,34 \\ \hline Total liabilities and stockholders' equity & $11,241,835 & $10,562,09 \\ \hline \multicolumn{3}{|c|}{\begin{tabular}{l} Crane Medical \\ Comparative Income Statement and Statement of Retained Earnings \\ For the Year \end{tabular}} \\ \hline & 2020 & 2019 \\ \hline Sales revenue (all an account) & $10,177,200 & $9,613,900 \\ \hline Cost of goods sold & 5,612,450 & 5,298,750 \\ \hline Gross profit & 4,564,750 & 4,315,150 \\ \hline Operating expenses & 2,840,250 & 2,634,150 \\ \hline Net operating income & 1,724,500 & 1,681,000 \\ \hline Interest expense & 300,300 & 308,650 \\ \hline Net income before tawes & 1,424,200 & 1,372,350 \\ \hline Income tawes (30\%) & 427,260 & 411,705 \\ \hline Net income & $996,940 & $960,645 \\ \hline \multicolumn{3}{|l|}{ Dividends paid } \\ \hline Preferred dividends & 29,500 & 29,500 \\ \hline Common dividends & 433,400 & 413,050 \\ \hline Total dividends paid & 42,900 & 442,550 \\ \hline Net income retained & 534,040 & 518,095 \\ \hline Retained earnings, beginning of year & 3,660,445 & 3,142,350 \\ \hline Retained earnings, end of year & $4,194,485 & $3,660,445 \\ \hline \end{tabular} (a) Your Answer Correct Answer Calculate the earnings per share (average of 418,000 shares outstanding for the vear] for 2020. (Round answer to 2 decimal ploces, e.8.5 2.55.) Earning per share $231 per share eTextbook and Media Solution Attempts: 3 of 3 used (b) Your answer is correct. Calculate the price/earnings ratio (market price of $48 at year-end) for 2020. (Round answer to 1 decimal place, eq. 2.5.) Price/earnings ratio 20.8 eTextbook and Media (c) Calculate the dividend payout ratio (dividends of $1.25 per common share for the vear) for 2020 . (Round answer to 1 decimal place, e.g. 2.5. Dividend payout ratio eTextbook and Media Sive for Later Attempts: 0 of 3 used Stbmit