Wildhorse Medical manufactures hospital beds and other institutional furniture. The company's comparative balance sheet and income statement for 2019 and 2020 follow. Wildhorse Medical Comparative Balance Sheet As of December 31 2020 2019 Assets Current assets Cash Accounts receivable, net Inventory Other current assets $367,000 1,026,000 717,000 381,350 2,491,350 8,767,005 $417,500 776,450 681,000 247,100 2,122,050 Total current assets Property, plant, & equipment, net Total assets 8,439,995 $10,562,045 $11,258,355 Liabilities and Stockholders' Equity Current liabilities Long-term debt Total liabilities Preferred stock, $5 par value $2,846,100 3,892,600 $3,198,000 3,702,650 6,900,650 58,950 6,738,700 58,900 104,700 103,850 3,660,595 Common stock, $0.25 par value Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 4,194,055 4,357,705 $11,258,355 3,823,345 $10,562,045 Wildhorse Medical Comparative Income Statement and Statement of Retained Earnings For the Year 2020 2019 Sales revenue (all on account) $10,177,200 $9,613,950 Cost of goods sold 5,613,250 5,298,800 Gross profit 4,563,950 4,315,150 Operating expenses 2,840,250 2,634,200 Net operating income 1,723,700 1,680,950 Interest expense 300,400 308,600 Net income before taxes 1,423,300 1,372,350 Income taxes (30%) 426,990 411,705 Net income $996,310 $960,645 Dividends paid Preferred dividends 29,500 29,450 Common dividends 433,350 413,000 Total dividends paid 462,850 442,450 Net income retained 533,460 518,195 Retained earnings, beginning of year 3,660,595 3,142,400 Retained earnings, end of year $4,194,055 $3,660,595 Calculate the following leverage ratios for 2020. (Round all answers to 2 decimal places, e.g. 2.55% or 2.55.) a. Debt ratio % b. Debt-to-equity ratio C. Times interest earned ratio times