Crane Medical manufactures hospital beds and other institutional furniture. The company's comparative balance sheet and income statement for 2019 and 2020 follow. Crane Medical Comparative Balance Sheet As of December 31 2020 2019 Assets Current assets Cash $377,000 $417,400 Accounts receivable, net 1,048,000 776,450 Inventory 729,000 681,100 381,300 247,100 Other current assets Total current assets Property, plant, & equipment, net 2,535,300 2,122,050 8,706,535 8,440,045 Total assets $11,241,835 $10,562,095 $3,181,000 $2,846,100 3,702,700 3.892,650 Liabilities and Stockholders' Equity Current liabilities Long-term debt Total liabilities Preferred stock, $5 par value Common stock, $0.25 par value Retained earnings 6,883,700 6,738,750 59,000 59,000 104,650 103,900 4,194,485 3,660,445 Total stockholders' equity 4,358,135 3,823,345 Total liabilities and stockholders' equity $11,241,835 $10,562,095 Crane Medical Comparative Income Statement and Statement of Retained Earnings For the Year 2020 2019 $10,177,200 $9,613,900 5,612,450 5,298.750 4,564,750 4,315,150 2,840,250 2,634,150 Sales revenue (all on account) Cost of goods sold Gross profit Operating expenses Net operating income Interest expense Net income before taxes Income taxes (30%) Net income 1,724,500 1,681,000 300,300 308,650 1,424,200 1,372,350 427,260 411,705 $996,940 $960,645 Dividends paid 29,500 29,500 433,400 413,050 Preferred dividends Common dividends Total dividends paid Net income retained Retained earnings, beginning of year 462,900 442,550 534,040 518,095 3,660,445 3,142,350 Retained earnings, end of year $4,194,485 $3,660,445 (a) Calculate the earnings per share (average of 418,000 shares outstanding for the year) for 2020. (Round answer to 2 decimal places, eg. 2.55.) Earning per share $ per share e Textbook and Media Save for Later Attempts: 0 of 3 used Submit Answer (b) Calculate the price/earnings ratio (market price of $48 at year-end) for 2020. (Round answer to 1 decimal place, eg. 2.5.) Price/earnings ratio e Textbook and Media Save for Later Attempts: 0 of 3 used Submit Answer (c) Calculate the dividend payout ratio (dividends of $1.25 per common share for the year) for 2020. (Round answer to 1 decimal place, eg. 2.5.) Dividend payout ratio %