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Retained earnings, beginning of year 3,660,395 3,142,350 Retained earnings, end of year $4,193,775 $3,660,395 (a) V Your answer is correct. Calculate the earnings per share (average of 418,000 shares outstanding for the year) for 2020. (Round answer to 2 decimal places, e.g. 2.55.) Earning per share $ 2.31 per share eTextbook and Media Attempts: 1 of 3 used (b) Calculate the price/earnings ratio (market price of $48 at year-end) for 2020. (Round answer to 1 decimal place, e.g. 2.5.) Price/earnings ratioRetained earnings 4,193,775 3,6 60,395 Tota[ stockholders' equity 4,357,375 3,323,195 Totai liabilities and stockholders'equitv $11,261,025 $10,561,895 Ivanhoe Medical Comparative Income Statement and Statement of Retained Earnings For the Year 2020 2019 Sales revenue (all on account} $10,177,200 $9,613,900 Cost of goods sold 5,613,150 5,293,750 Gross prot 4,564,050 4,315,150 Operating expenses 2,340,250 2,634,150 Net operating income 1,723,300 1,63 1,000 Interest expense 300,400 303,650 Net income before taxes 1,423,400 1,372,350 Income taxes (30%) 427,020 41 1,705 Net income $996,330 $960,645 Dividends paid Preferred dividends 29,550 29,550 Common dividends 433,450 413,050 Totai dividends paid 463,000 442,600 Net income retained 533,380 513,045 Ivanhoe Medical manufactures hospital beds and other institutional furniture. The compa nv's comparative balance sheet and income statement for 2019 and 2020 follow. Ivanhoe Medical Comparative Balance Sheet As of December 31 2020 2019 Assets Current assets Cash $380,000 $417,500 Accounts receivable, net 1,035,000 776,500 Inventory 726,000 681,050 Other current assets 381,400 247,000 Total current assets 2,522,400 2,122,050 Property, plant, 8; equipment, net 8,738,525 8,439,845 Total assets $11,251,025 510,55 1,895 Liabilities and Stockholders' Equity Current liabilities $3,201,000 $2,846,100 Longterm debt 3,702,650 3,892,600 Total liabilities 6,903,650 6,738,700 Preferred stock, $5 par value 58,900 58,900 Common stock, $0.25 par value 104,700 103,900 (C) Calculate the dividend payout ratio {dividends of $1.25 per common share for the year) for 2020. {Round answer no 1 decimal place. as. 2.5J Dividend payout ratio % eTextbook and Media Save for Later Attempts: 0 of 3 used