18. Union Pacific's reported the following financial information at year- end 2014: Income Statement (in Millions) Net Sales $6,800 Less: Operating Expenses $4,550 Earnings Before Taxes $2,250 Less: Taxes $ 785 Net Earnings $1,765 Other Data (in Millions) Shares Outstanding 353.00 Stock Dividends $441.25 Shareholder's Equity $8,825 Stock Price $50.00 per share What is the P/E ratio of Union Pacific? a. 8.5 b. 10.0 c. 12.5 d. 15.0 e. 17.5 19. From the information provided for Union Pacific (above), what is the price to book value ratio for Union Pacific? a. 2.0 b. 2.7% c. 3.0x d. 3.4x e. It cannot be determined from the information provided. Based on the corporate valuation model, Liberty Media's total corporate value is $1,200 million. The company's balance sheet shows $120 million of notes payable, $300 million of long-term debt, $ 50 million of preferred stock, $180 million of retained earnings, and $800 million of total common equity. If the company has 30 million shares of stock outstanding, what is the best estimate of its price per share? a. $21.90