Thomas Taylor, president of Taylor 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 $5%0,000, and the corporation paid $118,000 in dividends. This year, due to some unusual circumstances, the corporation had income of $1,440,000. Thomas expects next year's net income to be about $690.000. What was Taylor 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 x Dividends paid this year