how can calculate

110) Blandon Corporation has 100,000 common shares and 10,000, $ 1 preferred shares currently issued. During the year, the company paid and declared a 10% stock dividend when the market price of the common shares was $ 7.75. As well, the company paid the preferred dividend and paid $ 80,000 in cash to the common shareholders. If Blandon earned $ 360,000 during the year, its payout ratio is

a) 25.0%.

b) 46.5%.

c) 22.2%.

d) 32.0%.