14. Refer to the following financial statements for Crosby Corporation:

CROSBY CORPORATION Income Statement For the Year Ended December 31, 20X2
Sales		$	3,860,000
Cost of goods sold			2,330,000
Gross profit		$	1,530,000
Selling and administrative expense			744,000
Depreciation expense			279,000
Operating income		$	507,000
Interest expense			81,000
Earnings before taxes		$	426,000
Taxes			198,000
Earnings after taxes		$	228,000
Preferred stock dividends			10,000
Earnings available to common stockholders		$	218,000
Shares outstanding			150,000
Earnings per share		$	1.45

Statement of Retained Earnings For the Year Ended December 31, 20X2
Retained earnings, balance, January 1, 20X2	$	725,100
Add: Earnings available to common stockholders, 20X2		218,000
Deduct: Cash dividends declared and paid in 20X2		148,000
Retained earnings, balance, December 31, 20X2	$	795,100

Comparative Balance Sheets For 20X1 and 20X2
	Year-End 20X1	Year-End 20X2
Assets
Current assets:
Cash			$	103,000			$	92,700
Accounts receivable (net)				511,000				518,000
Inventory				680,000				708,000
Prepaid expenses				60,900				39,200
Total current assets			$	1,354,900			$	1,357,900
Investments (long-term securities)				94,100				87,300
Gross plant and equipment	$	2,510,000			$	3,160,000
Less: Accumulated depreciation		1,550,000				1,829,000
Net plant and equipment				960,000				1,331,000
Total assets			$	2,409,000			$	2,776,200
Liabilities and Stockholders Equity
Current liabilities:
Accounts payable			$	323,000			$	634,000
Notes payable				508,000				508,000
Accrued expenses				71,900				53,100
Total current liabilities			$	902,900			$	1,195,100
Long-term liabilities:
Bonds payable, 20X2				191,000				196,000
Total liabilities			$	1,093,900			$	1,391,100
Stockholders equity:
Preferred stock, $100 par value			$	90,000			$	90,000
Common stock, $1 par value				150,000				150,000
Capital paid in excess of par				350,000				350,000
Retained earnings				725,100				795,100
Total stockholders equity			$	1,315,100			$	1,385,100
Total liabilities and stockholders equity			$	2,409,000			$	2,776,200

a. Prepare a statement of cash flows for the Crosby Corporation: (Amounts to be deducted should be indicated with parentheses or a minus sign.)

b. Compute the book value per common share for both 20X1 and 20X2 for the Crosby Corporation. (Round your answers to 2 decimals places.

c. If the market value of a share of common stock is 2.8 times book value for 20X2, what is the firms P/E ratio for 20X2? (Do not round intermediate calculations. Round your final answer to 2 decimal places.)