Excel Online Structured Activity: Dividend Policy Boehm Corporation has had stable earnings growth of 10% a year for the past 10 years, and in 2015 Boehm paid dividends of $3.4 million on net income of $12.5 million. However, in 2016 earnings are expected to jump to $17.5 million, and Boehm plans to invest $9.5 million in a plant expansion. This one- time unusual earnings growth won't be maintained, though, and after 2016 Boehm will return to its previous 10% earnings growth rate. Its target debt ratio is 35%. The data has been collected in the Microsoft Excel Online file below. Open the spreadsheet and perform the required analysis to answer the questions below. Open spreadsheet a. Calculate Boehm's total dividends for 2016 under each of the following policies. Enter your answers in dollars. For example: $2.9 million should be entered as $2,900,000. Do not round intermediate calculations. Round your answers to the nearest dollar. 1. Its 2016 dividend payment is set to force dividends to grow at the long-run growth rate in earnings. $ 2. It continues the 2015 dividend payout ratio