Sandhill Medical manufactures hospital beds and other institutional furniture. The company's comparative balance sheet and income statement for 2019 and 2020 follow. Sandhill Medical Comparative Balance Sheet As of December 31 Assets 2020 2019 Current assets Cash $376,000 $417,500 Accounts receivable, net 1,055,000 776,400 Inventory 731,000 681,050 Other current assets 381,400 247,050 Total current assets 2,543,400 2,122,000 Property, plant, & equipment, net 8,720,425 8,439,980 Total assets $11,263,825 $10,561,980 Liabilities and Stockholders' Equity Current liabilities $3,203,000 $2,846,100 Long-term debt 3,702,700 3,892,700 Total liabilities 6,905,700 6,738,800 Preferred stock, $5 par value 58,900 58,900 Common stock, $0.25 par value 104,600 103,800 Retained earnings 4,194,625 3,660,480 Total stockholders' equity 4,358,125 3,823,180 Total liabilities and stockholders' equity $11,263,825 $10,561,980 Sandhill 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 5,612,200 5,298,750 Gross profit 4,565,000 4,315,150 Operating expenses 2,840,250 2,634,150 Net operating income 1,724,750 1,681,000 Interest expense 300,400 308,600 Net income before taxes 1,424,350 1,372,400 Income taxes (30%) 427,305 411,720 Net income $997,045 $960,680 Dividends paid Preferred dividends 29,500 29,550 Common dividends 433,400 413,050 Total dividends paid 462,900 442,600 Net income retained 534,145 518,080 Retained earnings, beginning of year 3,660,480 3.142,400 Retained earnings, end of year $4,194,625 $3,660,480 (a) Calculate the earnings per share (average of 410,000 shares outstanding for the year) for 2020. (Round answer to 2 decimal places, e.g. 2.55.) Earning per share tA $ eTextbook and Media Save for Later per share 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, e.g. 2.5.) (c) Price/earnings ratio eTextbook and Media Save for Later Attempts: 0 of 3 used Submit Answer 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 %