... Taxes (34%) 1,040,255.50 Net income $2, 019, 319. 50 Dividends paid = $1,384,125 Dividends $1,384,125.00 Dividend payout ratio    68.5% Net income $2, 019, 319. 50 Retention ratio  (1 - Dividend... higher the growth possible without using external funding D) All of the above are true Ans: C Page 19 Format: Multiple Choice Learning Objective: LO Level of Difficulty: medium 66 Firms that achieve... statements A) True B) False Ans: A Format: True/False Learning Objective: LO Level of Difficulty: Easy 19 Pro forma financial statements that result from financial planning models are always perfectly