Sheridan Medical manufactures hospital beds and other institutional fumiture. The company's comparative balance sheet and income statement for 2019 and 2020 follow. Sheridan Medical Comparative Balance Sheet As of December 31 2020 2019 Assets Current assets Cash $393,000 $417,450 Accounts receivable, net 1,087,000 776,450 Inventory 750,000 681,000 Other current assets 381,400 247,100 Total current assets 2,611,400 2,122,000 Property, plant, & equipment, net 8,651,745 8,439,865 Total assets $11,263,145 $10,561,865 Liabilities and Stockholders' Equity Current liabilities $3,203,000 $2,846,000 Long-term debt 3,702,650 3,892,650 Total liabilities 6,905,650 6,738,650 Preferred stock, $5 par value 59,000 58,950 Common stock, $0.25 par value 104,650 103,850 Retained earnings 4,193,845 3,660,415 Total stockholders' equity 4,357 495 3,823,215 Total liabilities and stockholders' equity $11,263,145 $10,561,865 Sheridan Medical Comparative Income Statement and Statement of Retained Earnings For the Year Sales revenue (all on account] Cost of goods sold Gross profit Operating expenses Net operating income Interest expense Net income before taxes 2020 2019 $10,177,200 $9,614,000 5,613,200 5,298,750 4,564,000 4,315,250 2,840,200 2,634,200 1,723,800 1,681,050 300,400 308,600 1,423,400 1,372,450 427,020 411,735 $996,380 $960,715 Income taxes (309) Net income Dividends paid Preferred dividends 29,500 29,550 Common dividends 433,450 413,050 Total dividends paid 462,950 442,600 Net income retained 533,430 518,115 Retained earnings, beginning of year Retained earnings, end of year 3,660,415 3,142,300 $4,193,845 $3,660,415 Calculate the following leverage ratios for 2020. (Round all answers to 2 decimal places, eg. 2.55% or 2.55) a Debt ration % b. Debt-to-equity ratio c. Times interest earned ration times