Cullumber Medical manufactures hospital beds and other institutional furniture. The company's comparative balance sheet and income statement for 2019 and 2020 follow. Assets Current assets Cullumber Medical Comparative Balance Sheet As of December 31 2020 2019 Cash $397,000 $417,450 Accounts receivable, net 1,089,000 776,400 Inventory 733,000 681,050 Other current assets 381,400 247,100 Total current assets 2,600,400 2,122,000 Property, plant, & equipment, net 8,616,245 8,439,830 Total assets $11,216,645 $10,561,830 Liabilities and Stockholders' Equity Current liabilities $3,156,000 $2,846,050 Long-term debt 3,702,600 3,892,600 Total liabilities 6,858,600 6,738,650 Preferred stock, $5 par value 58,900 58,950 Common stock, $0.25 par value 104,650 103,850 Retained earnings 4,194,495 3,660,380 Total stockholders' equity 4,358,045 3,823,180 Total liabilities and stockholders' equity $11,216,645 $10,561,830 Cullumber Medical Comparative Income Statement and Statement of Retained Earnings For the Year 2020 2019 Sales revenue (all on account) $10,177,300 $9,613,950 Cost of goods sold 5,612,300 5,298,700 Gross profit 4,565,000 4,315,250 Operating expenses 2,840,250 2,634,200 Net operating income 1,724,750 1,681,050 Interest expense 300,300 308,650 Net income before taxes 1,424,450 1,372,400 Income taxes (30%) 427,335 411,720 Net income $997,115 $960,680 Dividends paid Preferred dividends 29,550 29,500 Common dividends 433,450 413,100 Total dividends paid 463,000 442,600 Net income retained 534,115 518,080 Retained earnings, beginning of year 3,660,380 3,142,300 Retained earnings, end of year $4,194,495 $3,660,380 (a) Calculate the earnings per share (average of 410,000 shares outstanding for the year) for 2020. (Round answer to 2 decimal places, e.g. 2.55.) Earning per share +A per share 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 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 %