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 2019 Assets Current assets Cash $400,000 $417,500 Accounts receivable, net 1,056,000 776,400 Inventory 721,000 681,050 Other current assets 381,300 247,050 Total current assets 2,558,300 2,122,000 Property, plant, 0. equipment, net 8,710,235 8,439,930 Total assets $11,268,535 $10,561,930 Liabilities and Stockholders' Equity Current liabilities Longterm debt Total liabilities Preferred stock, $5 par value Common stock, $0.25 parvalue Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $3,208,000 $2,846,000 3,702,700 3,892,650 6,910,700 6,738,650 59,000 58,900 104,700 103,900 4,194,135 3,660,480 4,357,835 3,823,280 $11,268,535 $10,561,930 Comparative Income Statement and Statement of Retained Earnings For the Year 2020 2019 Sales revenue (all on account) $10,177,300 $9,613,900 Cost of goods sold 5,613,000 5,298,700 Gross profit 4.564,300 4,315,200 Operating expenses 2.840,250 2,634,200 Net operating income 1,724,050 1,681,000 Interest expense 300,400 308,600 Net income before taxes 1,423,650 1,372,400 Income taxes (30%) 427,095 411,720 Net income $996,555 $960,680 Dividends paid Preferred dividends 29,550 29,500 Common dividends 433,350 413,100 Total dividends paid 462,900 442,600 Net income retained 533,655 518,080 Retained earnings, beginning of year 3,660,480 3,142,400 Retained earnings, end of year $4,194,135 $3,660,480Calculate the following leverage ratios for 2020. (Round all answers to 2 decimal places, e.g. 2.55% or 2.55.) a. Debt ratio % b. Debt-to-equity ratio C. Times interest earned ratio times