Question 3 The condensed income statements ABC Corporation, a British retail chain namely for the year 2020, 2021 and 2022 are presented below. You are interested in analyzing the past trends in dividends paid by this company from the USD perspective. The company payout ratio has an average of 40% (ratio of dividends paid to reported earnings). 2020 2021 2022 Net Sales 500,000 600,000 700,000 Operating Expenses 200,000 250,000 300,000 Gross Margin 300,000 350,000 400,000 Non-operating Expenses 90,000 95,000 40,000 Net Income 210,000 255,000 360,000 Corporation taxes (20,000) (23,000) (30,000) Net Income after taxes 190,000 232,000 330,000 Foreign exchange rates are: 2020 2021 2022 Year-end rates 1 $1.15 1 $1.08 1 $1.06