Richard Miller, president of Miller Corporation, believes that it is a good practice for a company to maintain a constant payout of dividends relative to its earnings. Last year, net income was $560,000, and the corporation paid $100,800 in dividends. This year, due to some unusual circumstances, the corporation had income of $1,410,000. Hans expects next year's net income to be about $660,000. What was Miller Corporation's payout ratio last year? If it is to maintain the same payout ratio, what amount of dividends would it pay this year? Payout ratio-last year Dividends paid this year 1 %

Richard Miller, president of Miller Corporation, believes that it is a good practice for a company to maintain a constant payout of dividends relative to its earnings. Last year, net income was $560,000, and the corporation paid $100,800 in dividends. This year, due to some unusual circumstances, the corporation had income of $1,410,000. Hans expects next year's net income to be about $660,000. What was Miller Corporation's payout ratio last year? If it is to maintain the same payout ratio, what amount of dividends would it pay this year? Payout ratio-last year Dividends paid this year 5