Mansker Station Corporation has declared an annual dividend of $0.80 per share. For the year just ended, earnings were $6.40 per share. What is

Mansker Station Corporation has declared an annual dividend of $0.80 per share. For the year just ended, earnings were $6.40 per share. What is Mansker Station’s payout ratio? Suppose Mansker Station has 7 million shares outstanding. Borrowing for the coming year is planned at $18 million. What are planned investment outlays assuming a residual dividend policy? What target capital structure is implicit in these calculations?