LUFTTT Reprogress Sandhill Medical manufactures hospital beds and other institutional furniture. The company's comparative balance sheet and income statement for 2015 and 2016 follow. Sandhill Medical Comparative Balance Sheet As of December 31 2016 2015 Assets Current assets Cash $450,000 $417,400 Accounts receivable, net 1,081,000 776,400 Inventory 728,000 681,100 Other current assets 314,000 247,000 Total current assets 2,573,000 2,121,900 Property, plant, & equipment, net 8,751,250 8,440,080 Total assets $11,324,250 $10,561,980 Liabilities and Stockholders' Equity Current liabilities $3,167,000 $2,846,050 Long-term debt 3,722,000 3,892,650 Total liabilities 6,889,000 6,738,700 Preferred stock, $5 par value 57,000 58,900 Common stock. $0.25 par value 183,000 103,850 Retained earnings 4,195,250 3,660,530 Total stockholders' equity 4,435,250 3,823,280 Total liabilities and stockholders' equity $11,324,250 $10,561,980 Sandhill Medical Comparative Income Statement and Statement of Retained Earnings For the Year 2016 2015 Sales revenue (all on account) $10,177,300 $9,613,900 Cost of goods sold 5,612,000 5,298,700 Gross profit 4,565,300 4,315,200 Operating expenses 2,840,200 2,634,200 Net operating income 1,725,100 1,681,000 Interest expense 300,000 308,600 Net income before taxes 1,425,100 1,372,400 Income taxes (30%) 427,530 411,720 Net income $997,570 $960,680 MO SAMSUNG 29,450 29,450 Preferred dividends 433,400 413,000 Common dividends 462,850 442,450 Total dividends paid 534,720 518,230 Net income retained 3,660,530 3,142,300 Retained earnings, beginning of year $4,195,250 $3,660,530 Retained earnings, end of year Calculate the following leverage ratios for 2016. (Round all answers to 2 decimal places, e.g. 2 % a. Debt ratio b. Debt-to-equity ratio times C. Times interest earned ratio