Low-regular-and-extra dividend policy Bennett Farm Equipment Sales, Inc. is in a cyclical business. The firm has a target payout ratio of 35%, but its board realizes that adhering to that would cause fluctuating dividends. Therefore, the firm has declared a regular dividend of $0.60 per share per year with extra cash dividends when earnings justify them. Earnings for the las years are as follows: a. Calculate the payout ratio for each year on the basis of the regular $0.60 dividend and the cited EPS. b. Calculate the difference between the regular $0.60 dividend and a 35% payout for each year. c. Bennett has established a policy of paying an extra $0.25 dividend when the difference between the regular dividend and a 35% payout is $1.00 or more. In which year would an extra div be paid? What would be done with the "extra" earnings that are not paid? What factors should be considered in making a revisin to the d. The firm expects tha pais as a regular divid - x Data table a. The payout ratio for (Click on the icon here in order to copy the contents of the data table below into a spreadsheet.) place.) Year EPS Year EPS 2022 $3.68 2019 $3.25 2021 $2.83 2018 $2.61 2020 $2.77 2017 $1.71 Print Done