Sperle Corporation has provided the following data concerning its stockholders' equity accounts: ...
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Accounting
Sperle Corporation has provided the following data concerning its stockholders' equity accounts:
Year 2
Year 1
Stockholders' equity:
Common stock, $5 par value
$400,000
$400,000
Additional paid-in capital-common stock
60,000
60,000
Retained earnings
654,000
630,000
Total stockholders' equity
$1,114,000
$1,090,000
Net income for Year 2 was $30,400. Dividends on common stock during Year 2 totaled $6,400. The market price of common stock at the end of Year 2 was $3.08 per share. The company's dividend payout ratio for Year 2 is closest to:
14.7%
1.6%
2.6%
21.1%
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