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 $390,000 $417,500 Accounts receivable, net 1,038,000 776,450 Inventory 746,000 681,100 Other current assets 381,350 247,050 Total current assets 2,555,350 2,122,100 Property, plant, & equipment, net 8,702,200 8,439,880 Total assets $11,257,550 $10,561,980 Liabilities and Stockholders' Equity Current liabilities $3,196,000 $2,846,100 Long-term debt 3,702,700 3,892,600 Total liabilities 6,898,700 6,738,700 Preferred stock, $5 par value 58,900 58,950 Common stock, $0.25 par value 104,700 103,800 Retained earnings 4,195,250 3,660,530 Total stockholders' equity 4,358,850 3,823,280 Total liabilities and stockholders' equity $11,257,550 $10,561,980 Cullumber Medical Comparative Income Statement and Statement of Retained Earnings For the Year 2020 2019 Sales revenue (all on account) $10,177,200 $9,613,950 Cost of goods sold 5,611,600 5,298,700 Gross profit 4,565,600 4,315,250 Operating expenses 2,840,200 2,634,200 Net operating income 1,725,400 1,681,050 Interest expense 300,300 308,650 Net income before taxes 1,425,100 1,372,400 Income taxes (30%) 427,530 411,720 Net income $997,570 $960,680 Dividends paid Preferred dividends 29,450 29,550 Common dividends 433,400 413,000 Total dividends paid 462,850 442,550 Net income retained 534,720 518,130 Retained earnings, beginning of year 3,660,530 3,142,400 Retained earnings, end of year $4,195,250 $3,660,530 (a) Calculate the earnings per share (average of 423,000 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 eTextbook 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, e.g. 2.5.) Dividend payout ratio %