Cullumber Medical manufactures hospital beds and other institutional furniture. The companys comparative balance sheet and income statement for 2019 and 2020 follow.

Cullumber Medical Comparative Balance Sheet As of December 31
		2020		2019
Assets
Current assets
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

Calculate the following leverage ratios for 2020. (Round all answers to 2 decimal places, e.g. 2.55% or 2.55.)

a.	Debt ratio

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