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

Pharoah Medical Comparative Balance Sheet As of December 31 2020 2019 Assets Current assets Cash $386,000 $417,400 Accounts receivable, net 1,057,000 776,400 750,000 681,050 Inventory Other current assets 381,350 247,050 Total current assets 2,574,350 2,121,900 Property, plant, & 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 58,950 59,000 Preferred stock, $5 par value 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 $10,562,060 Pharoah Medical Comparative Income Statement and Statement of Retained Earnings For the Year 2020 2019 Sales revenue (all on account) $10,177,300 $9,613,900 Cost of goods sold 5,612,400 5,298,800 4,564,900 4,315,100 2,840,200 2,634,150 1,724,700 1,680,950 Gross profit Operating expenses Net operating income Interest expense Net income before taxes Income taxes (30%) 300,350 308,650 1,424,350 1,372,300 427,305 411,690 Net income $997,045 $960,610 Dividends paid Preferred dividends 29,500 29,450 433,400 413,050 462,900 442,500 Common dividends Total dividends paid Net income retained Retained earnings, beginning of year 534,145 518,110 3,660,410 3,142,300 Retained earnings, end of year $4,194,555 $3,660,410 Calculate the earnings per share (average of 422,000 shares outstanding for the year) for 2020. (Round answer to 2 decimal places, e.g. 2.55.) Earning per share $ per share eTextbook and Media Save for Later Attempts: 0 of 3 used Submit Answer (b) Calculate the price/earnings ratio (market price of $48 at year-end) for 2020. (Round answer to 1 decimal place, eg. 2.5.) Price/earnings ratio eTextbook and Media Save for Later Attempts: 0 of 3 used Submit Answer (c) 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.) Dividend payout ratio %