Ivanhoe Medical manufactures hospital beds and other institutional furniture. The companys comparative balance sheet and income statement for 2019 and 2020 follow.

Ivanhoe Medical Comparative Balance Sheet As of December 31
		2020		2019
Assets
Current assets
Cash		$359,000		$417,450
Accounts receivable, net		1,014,000		776,400
Inventory		736,000		681,000
Other current assets		381,350		247,000
Total current assets		2,490,350		2,121,850
Property, plant, & equipment, net		8,737,045		8,439,895
Total assets		$11,227,395		$10,561,745
Liabilities and Stockholders Equity
Current liabilities		$3,167,000		$2,846,000
Long-term debt		3,702,600		3,892,600
Total liabilities		6,869,600		6,738,600
Preferred stock, $5 par value		58,950		58,950
Common stock, $0.25 par value		104,650		103,850
Retained earnings		4,194,195		3,660,345
Total stockholders equity		4,357,795		3,823,145
Total liabilities and stockholders equity		$11,227,395		$10,561,745

Ivanhoe Medical Comparative Income Statement and Statement of Retained Earnings For the Year
		2020		2019
Sales revenue (all on account)		$10,177,200		$9,613,950
Cost of goods sold		5,612,550		5,298,800
Gross profit		4,564,650		4,315,150
Operating expenses		2,840,250		2,634,150
Net operating income		1,724,400		1,681,000
Interest expense		300,400		308,650
Net income before taxes		1,424,000		1,372,350
Income taxes (30%)		427,200		411,705
Net income		$996,800		$960,645
Dividends paid
Preferred dividends		29,500		29,500
Common dividends		433,450		413,100
Total dividends paid		462,950		442,600
Net income retained		533,850		518,045
Retained earnings, beginning of year		3,660,345		3,142,300
Retained earnings, end of year		$4,194,195		$3,660,345

Calculate the earnings per share (average of 410,000 shares outstanding for the year) for 2020. (Round answer to 2 decimal places, e.g. 2.55.)

2.43 is not the correct answer

Earning per share

$enter the earning per share in dollars rounded to 2 decimal places per share

Calculate the dividend payout ratio (dividends of $1.25 per common share for the year) for 2020. (Round answer to 1 decimal place, e.g. 2.5.)

51.4 is not the correct answer

Dividend payout ratio

enter the dividend payout ratio in percentages rounded to 1 decimal place %