Show Attempt History Current Attempt in Progress Sunland Medical manufactures hospital beds and other institutional furniture. The company's comparative balance sheet and income statement for 2019 and 2020 follow. Sunland Medical Comparative Balance Sheet As of December 31 2020 2019 Assets Current assets Cash $390,000 $417,450 Accounts receivable, net 1,079,000 776,450 Inventory 729,000 681,100 Other current assets 381,400 247,100 Total current assets 2,579,400 2,122,100 Property, plant, & equipment, net 8,659,740 8,439,815 Total assets $11,239,140 $10,561,915 Liabilities and Stockholders' Equity Current liabilities $3,178,000 $2,846,050 Long-term debt 3,702,700 3,892,600 Total liabilities 6,880,700 6,738,650 Preferred stock, $5 par value 58,900 58,900 Common stock, $0.25 par value 104,600 103,850 Retained earnings 4,194,940 3,660,515 Total stockholders' equity 4,358,440 3,823,265 Sunland Medical Comparative Income Statement and Statement of Retained Earnings For the Year 2020 2019 Sales revenue (all on account) $10,177,200 $9,614,000 Cost of goods sold 5,611,950 5,298,800 Gross profit 4,565,250 4,315,200 Operating expenses 2,840,200 2,634,150 Net operating income 1,725,050 1,681,050 Interest expense 300,300 308,600 Net income before taxes 1,424,750 1,372,450 Income taxes (30%) 427,425 411,735 Net income $997,325 $960,715 Dividends paid Preferred dividends 29,550 29,450 Common dividends 433,350 413,100 Total dividends paid 462,900 442,550 Net income retained 534,425 518,165 Retained earnings, beginning of year 3,660,515 3,142,350 Retained earnings, end of year $4,194,940 $3,660,515 (a) * Your answer is incorrect. (a) * Your answer is incorrect. 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 $ 418400 per share eTextbook and Media Save for Later Attempts: 1 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.) Price/earnings ratio eTextbook and Media Save for Later Attempts: 0 of 3 used Submit Answer (c) Calculate the dividend payout ratio (dividends of $1.25 per common share for the year) for 2020. (Round answer to 1 decimal place, eg.2.5.) Dividend navout ratio