Pharoah Medical manufactures hospital beds and other institutional furniture. The company's comparative balance sheet and inc statement for 2019 and 2020 follow. Pharoah Medical Comparative Balance Sheet As of December 31 2020' 2019 Assets Current assets Cash $386000 $417.400 Accounts receivable, net 1.057.000 776.400 Inventory 750.000 681.050 Other current assets 381.350 247.050 Total current assets 2,574.350 2.121.900 Property,p|ant, SI. equipment. net 8.641.505 8.440.160 Total assets $11,215.855 $10.562.060 Liabilities and Stockholders' Equity Current liabilities $3,155,000 $2,846,100 Long-term debt 3,702,700 3,892,650 Total liabilities 6,857,700 6,738,750 Preferred stock, $5 par value 58,950 59,000 Common stock, $0.25 par value 104,650 103,900 Retained earnings 4,194,555 3,660,410 Total stockholders' equity 4,358,155 3,823,310 Total liabilities and stockholders' equity $11,215,855 $10,562,060Pharoah Medical |Eomparative Income Statement and Statement of Retained Earnings For the Year Sales revenue l[all on account} Cost of goods sold Gross prot Operating expenses Net operating income Interest expense Net income before taxes Income taxes (30%] Net income Dividends paid Preferred dividends Common dividends 2020 $10.1??.300 5.612.400 4.564.900 2.340.200 1.224.200 300.350 1.424.350 422.305 $991045 29.500 433.400 2019 $9.6 1 3.900 5.293.300 4.315.100 2.634.150 1.630.950 303.650 1.322.300 41 1.690 $960.610 29.450 413.050 Total dividends paid 462,900 442,500 Net income retained 534,145 518,110 Retained earnings, beginning of year 3,660,410 3,142,300 Retained earnings, end of year $4,194,555 $3,660,410 Calculate the following leverage ratios for 2020. (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 times