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The following information pertains to Skysong Company. Assume that all balance sheet amounts represent average balance figures.
Total assets
$320000
Stockholders' equity-common
200000
Total stockholders' equity
298000
Sales revenue
114000
Net income
20400
Number of shares of common stock
6000
Common dividends
4500
Preferred dividends
7600
What is Skysong's payout ratio?
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