Condensed comparative income statements of Senorina Panchos, a Mexican restaurant chain, for the years 2009 through 2011 are presented in Exhibit 9-18 (000,000€™s pesos). You are interested in gauging the past trend in dividends paid by Senorina Panchos from a dollar perspective. The company€™s payout ratio (ratio of dividends paid to reported earnings) has averaged 30 percent. Foreign exchange rates during the three-year period are found in Exhibit 9-19.

Required:
Prepare a trend analysis of dividends paid by Senorina Panchos from a U.S. perspective assuming
(a) There are no restrictions on the payment of dividends to U.S. investors and
(b) Senorina Panchos€™ accounting practices are similar to those in the UnitedStates.

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EXHIBIT 9-18 Comparative Income Statements: Señorina Panchos Sales Gross margin Net income 2009 91,600 15,500 8,500 2010 114,300 20,500 10,800 2011 138,900 27,700 15,900 EXHIBIT 9-19 Foreign Exchange Rates 2009 2010 2011 Year-end rates $1 P 12.112 1 P 12.640 $1 P 13.000