Sunland Medical manufactures hospital beds and other institutional furniture. The companys 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 1,079,000 776,450 729,000 681,100 Inventory Other current assets Total current assets 381,400 247,100 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 $3,178,000 $2,846,050 Current liabilities Long-term debt 3,702,700 3,892,600 Total liabilities 6,880,700 6,738,650 58,900 58,900 104,600 103,850 Preferred stock, $5 par value Common stock, $0.25 par value Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 4,194,940 3,660,515 4,358,440 3,823,265 $11,239,140 $10,561,915 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 2,840,200 2,634,150 Operating expenses Net operating income 1,725,050 1,681,050 300,300 308,600 Interest expense Net income before taxes Income taxes (30%) 1,424,750 1,372,450 427,425 411,735 $997,325 $960,715 Net income Dividends paid 29,550 29,450 Preferred dividends Common dividends Total dividends paid 433,350 413,100 462.900 442,550 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 Calculate the following leverage ratios for 2020. (Round all answers to 2 decimal places, eg. 2.55% or 2.55.) % a. Debt ratio b. Debt-to-equity ratio C. times Times interest earned ratio