4. Tronnes Corporation's net income last year was $1,750,000. The dividend on common stock was $2.60 per share and the dividend on preferred stock was $2.50 per share. The market price of common stock at the end of the year was $57.70 per share. Throughout the year, 300,000 shares of common stock and 100,000 shares of preferred stock were outstanding. The price-earnings ratio is closest to: A. 17.85 B. 11.54 C. 24.04 D. 9.89