Cullumber Medical manufactures hospital beds and other institutional furniture. The company's comparative balance sheet and income statement for 2019 and 2020 follow. Cullumber Medical Comparative Balance Sheet As of December 31 2020 Assets Current assets Cash $397,000$417,450 Accounts receivable, net Inventory 1,089,000733,000776,400681,050 Other current assets Total current assets 2,600,400381,4002,122,000247,100 Property, plant, \& equipment, net Total assets Liabilities and Stockholders' Equity Current liabilities Long-term debt Total liabilities Preferred stock, $5 par value Common stock, $0.25 par value 104,650103,850 Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Cullumber Medical Comparative Income Statement and Statement of Retained Earnings For the Year Dividends paid Preferred dividends Common dividends Total dividends paid Net income retained \begin{tabular}{rrr} 29,550 & & 29,500 \\ 433,450 & & 413,100 \\ \cline { 1 - 1 } 5 & & 442,600 \\ \hline 534,115 & & 518,080 \end{tabular} 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 $ per share eTextbook and Media Attempts: 0 of 3 used 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 Attempts: 0 of 3 used 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 %