Low-regular-and-extra dividend policy Bennett Farm Equipment Sales, Inc. is in a cyclical business. The firm has a target payout ratio of 20%, but its board realizes that adhering to that ratio 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 last several 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 20% 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 20% payout is $1.00 or more. In which year would an extra dividend be paid? What would be done with the "extra" earnings that are not paid? d. The firm expects that future earnings per share will continue to fluctuate but will remain above $2.44 per share in most years. What factors should be considered in making a revisin to the amount pais as a regular dividend? If the firm revises the regular dividend, what new amount should it pay? - Data table (Click on the icon here in order to copy the contents of the data table below into a spreadsheet.) Year 2022 2021 2020 EPS $3.42 $2.84 $2.44 Year 2019 2018 2017 EPS $3.38 $2.14 $1.75