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Score: 0.07 of 1 pt 4 of 8 (8 complete) HW Score: 72.23%, 5.78 of 8 p P13-6 (similar to) Low-regular-and-extra dividend policy Bennett Farm Equipment Sales, Inc. is in a highly cyclical business. Although the firm has a target payout ratio of 25%, its board realizes that strict adherence to that ratio would result in a fluctuating dividend and create uncertainty for the firm's stockholders. Therefore, the firm has declared a regular dividend of S0.60 per share per year with extra cash dividends to be paid when earnings justify them. Eamings per share 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 25% payout for each year c. Bennett has established a policy of paying an extra dividend of $0.25 only when the difference between the regular dividend and a 25% payout amounts to $1.00 or more. In which year would an extra dividend be paid? What would be done with the "extra" eamings that are not paid out? d. The firm expects that future earnings per share will continue to fluctuate but will remain above $3.61 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? a. The payout ratio for year 2014 on the basis of the regular S0.60 dividend and the cited EPS is 40.8 % (Round to one decimal place.) The payout ratio for year 2015 on the basis of the regular $0.60 dividend and the cited EPS isN (Round to one decimal place) Sar lan lar C lan C Duel ? an R M Enter your answer in the answer box and then click Check Answer. fan C PM 12 parts PM remaining Clear All Check Answer an Ch 4 of 8 (8 complete) - Bennett Farm Equipment Sales, Inc. is in a highly cyclical business. Although the firm ha mat ratio would result in a fluctuating dividend and create uncertainty for the firm's stockholde share per year with extra cash dividends to be paid when earnings justify them. Eamings p rear on the basis of the regular $0.60 dividend and the cited EPS. a regular S0 60 dividend and a 259L pavout for each vear i Data Table hat plac (Click on the icon located on the top-right corner of the data table below in order to copy its contents into a spreadsheet) Year EPS Year EPS $3.96 2019 2016 2015 2014 $3.77 2018 $3.65 $2.29 2017 $3.61 $1.47 Print Done box and then click Check Answer, Clear All