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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