HIROOLE LTD. Statement of Financial Position December 31 (in thousands) 2018 2017 2016 Assets Current assets Cash $30 $81 $200 Accounts receivable 907 698 504 Inventory 1,190 794 497 Total current assets 2,127 1,573 1,201 Property, plant, and equipment (net) 4,105 3,831 3,230 Total assets $6,232 $5,404 $4,431 Liabilities and Shareholders' Equity Liabilities Current liabilities $596 $553 $499 Non-current liabilities 3,047 2,303 1,508 Total liabilities 3,643 2,856 2,007 Shareholders' equity Common shares 999999999 Retained earnings 1,590 1,549 1,425 Total shareholders' equity 2,589 2,548 2,424 Total liabilities and shareholders' equity $6,232 $5,404 $4,431 HIROOLE LTD. Income Statement Year Ended December 31 (in thousands) 2018 2017 2016 Sales (all on credit) $4,533 $3,963 $3,581 Cost of goods sold 2,508 2,116 1,787 Gross profit 2,025 1,847 1,794 Operating expenses 1,447 1.472 1.489 Income from operations 578 375 Interest expense 191 Income before income tax 387 246 234 Income tax expense 62 59 Net income $290 $184 $175 305 129 71 97 (1) The company paid all dividends as soon as they were declared and has only issued common shares. There are no preferred shares. Retained earnings at the beginning of 2016 were $1.4 million. Calculate the cash dividends declared and dividend payout ratio for each year. (Round payout ratio to 1 decimal place, e.g. 5.2%.) 2016 2017 2018 A Dividends declared (in thousands) Payout ratio