Muir & Sons is planning to go public with an initial public offering. The company would like to determine the potential price for its common stock based on comparable price-earnings multiples.Muir & Sons reported earnings of \($2,300,000\) and plans to issue 1 million shares of common stock.The following data was obtained for three comparable companies:

Required
Using the price-earnings multiples approach, determine the potential IPO price for Muir & Sons.

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Company EPS Share Price Adams $2.25 $31.50 Yosemite. $1.10 $11.00 Sequoia $1.50 $22.50