Given below are comparative balance sheets and an income statement for the Excellent Corporation for 2015 Excellent Corporation Balance Sheets-2015 Excellent Corporation Income Statement for the vear ended 2015 Jan. 1 34,000 Sales 78,000 Cost of goods sold 74,000 Gross profit on sales196,000 Dec. 31 Cash Accounts receivable Inventory Equipment (net) 34,000 94.000 68,000 14.000 I S524,000 132.000| |Operating expenses (118.700) S310,00000 318,000,00 Operating incomeS Accounts payable Interest expense and income taxes 54,000 60,000 28,750 Dividends payable Long-term note ayable 20,000 12.000Net income 32.000 32,000 Capital stock, S10 par 140,000 64,00074000 S310,000S318,000 40,000 Retained earnings 12. Assume the company has added their Net Income to the Beginning balance of Retained Earnings and then paid out dividends. What was the total amount the company paid in dividends during the year? How much was the dividend per share of stock paid out during the year? 13. What was the Dividend Payout Ratio? (Assume the market price was constant during 14. What was the Operating expense ratio for 2015? 15. What was the cost of the new inventory the the year?) company purchased during the year? Why do you think the amount of the Cash Account is the same at the beginning of the year and at the end of the year? 16