Crane Medical manufactures hospital beds and other institutional furniture. The company's comparative balance sheet and income statement for $2019$ and $2020$ follow

$\backslash$table$[[\backslash$table$[[$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$,729,000,681,100],[$Other current assets,$381,300,247,100],[$Total current assets,$2,535,300,2,122,050],[$Property$,$ plant, & equipment, net,$8,706,535,8,440,045],[$Total assets,$$11,241,835,$$$10,562,095],[$Liabilities and Stockholders' Equity$],[$Current liabilities,$$3,181,000,$$$2,846,100],[$Long$-$term debt,$3,702,700,3,892,650],[$Total liabilities,$6,883,700,6,738,750],[$Preferred stock, $$5$ par value,$59,000,59,000],[$Common stock, $$0\mathrm{.}25$ par value,$104,650,103,900],[$Retained earnings,$4,194,485,3,660,445],[$Total stockholders' equity,$4,358,135,3,823,345],[$Total liabilities and stockholders' equity,$$11,241,835,$$$10,562,095]]$

$\backslash$table$[[\backslash$table$[[$Crane 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,$5,612,450,5,298,750],[$Gross profit,$4,564,750,4,315,150],[$Operating expenses,$2,840,250,2,634,150],[$Net operating income,$1,724,500,1,681,000],[$Interest expense,$300,300,308,650],[$Net income before taxes,$1,424,200,1,372,350],[$Income taxes $(30\%),427,260,411,705],[$Net income,$$996,940,$$$960,645],[$Dividends paid$],[$Preferred dividends,$29,500,29,500],[$Common dividends,$433,400,413,050],[$Total dividends paid,$462,900,442,550],[$Net income retained,$534,040,518,095],[$Retained earnings, beginning of year,$3,660,445,3,142,350],[$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, e$.$g$.2\mathrm{.}55.)$

Earning per share $$$ per share

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$($b$)$

Calculate the price$/$earnings ratio $($market price of $$48$ at year$-$end$)$ for $2020.($Round answer to $1$ decimal place, e$.$g$.2\mathrm{.}5.)$

Price$/$earnings ratio

$\begin{array}{cc}\text{e}\text{T}\text{e}\text{x}\text{t}\text{b}\text{o}\text{o}\text{k}\text{a}\text{n}\text{d}\text{M}\text{e}\text{d}\text{i}\text{a}& \text{S}\text{a}\text{v}\text{e}\text{f}\text{o}\text{r}\text{L}\text{a}\text{t}\text{e}\text{r}\end{array}$

$($c$)$

Calculate the dividend payout ratio $($dividends of $$1\mathrm{.}25$ per common share for the year$)$ for $2020.($Round answer to $1$ decimal place, e$.$g$.2\mathrm{.}5.)$

Dividend payout ratio $\%$

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