Crane Medical manufactures hospital beds and other institutional furniture. The companys 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 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, $0.25 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 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. 2.55.) Earning per share per share (b) Calculate the price/earnings ratio (market price of $48 at year-end) for 2020. (Round answer to 1 decimal place, e.g. 2.5.) Price/earnings ratio (c) Calculate the dividend payout ratio (dividends of $1.25 per common share for the year) for 2020. (Round answer to 1 decimal place, e.g. 2.5.) Dividend payout ratio %