Ivanhoe Medical manufactures hospital beds and other institutional furniture. The companys comparative balance sheet and income statement for 2015 and 2016 follow.

Ivanhoe Medical manufactures hospital beds and other institutional furniture. The company's comparative balance sheet and income statement for 2015 and 2016 follow Ivanhoe Medical Comparative Balance Sheet As of December 31 2016 2015 Assets Current assets Cash $393,000 $417,450 Accounts receivable, net 776,400 1,075,000 Inventory 740,000 681,000 Other current assets 360,000 247,050 Total current assets 2,568,000 2,121,900 Property, plant, & equipment, net 8,736,905 8,440,065 $11,304,905 $10,561,965 Total assets Liabilities and Stockholders' Equity Current liabilities $3,118,000 $2,846,050 Long-term debt 3,771,000 3,892,600 Total liabilities 6,889,000 6,738,650 Preferred stock, $5 par value 51,000 59,000 Common stock, $0.25 par value 103,800 170,000 Retained earnings 3,660,515 4,194,905 Total stockholders' equity 3,823,315 4,415,905 Total liabilities and stockholders' equity $11,304,905 $10,561,965 Comparative Income Statement and Statement of Retained Earnings For the Year 2016 2015 Sales revenue (all on account) $10,177,250 $9,613,950 Cost of goods sold 5,611,950 5,298,800 Gross profit 4,565,300 4,315,150 2,840,300 Operating expenses 2,634,100 Net operating income 1,725,000 1,681,050 Interest expense 300,300 308,600 Net income before taxes 1,424,700 1,372,450 Income taxes (30%) 427,410 411,735 Net income $997,290 $960,715 Dividends paid Preferred dividends 29,550 29,500 Common dividends 433,350 413,050 Total dividends paid 462,900 442,550 Net income retained 534,390 518,165 Retained earnings, beginning of year 3,660,515 3,142,350 Retained earnings, end of year $4,194,905 $3,660,515 Calculate the following leverage ratios for 2016. (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