Crane Medical Comparative Balance Sheet As of December 31 2020 2019 Assets Current assets Cash $366,000 $417,400 Accounts receivable, net 1,080,000 776,450 Inventory 736,000 681,100 Other current assets 381,350 247,050 Total current assets 2,563,350 2,122,000 Property, plant, & equipment, net 8,666,440 8,440,015 Total assets $11,229,790 $10,562,015 Liabilities and Stockholders' Equity Current liabilities $3,169,000 $2,846,000 Long-term debt 3,702,600 3,892,700 Total liabilities 6,871,600 6,738,700 Preferred stock, $5 par value 59,000 59,000 104,600 103,800 Common stock, $0.25 par value Retained earnings 4,194,590 3,660,515 Total stockholders' equity 4,358,190 3,823,315 Total liabilities and stockholders' equity $11,229,790 $10,562,015 Crane Medical Comparative Income Statement and Statement of Retained Earnings For the Year 2020 2019 Sales revenue (all on account) $10,177,250 $9,613,950 Cost of goods sold 5,612,450 5,298,750 Gross profit 4,564,80 4,315,200 2,840,200 2,634,100 Operating expenses Net operating income 1,724,600 1,681,100 Interest expense 300,350 308,650 Net income before taxes 1,424,250 1,372,450 Income taxes (30%) 427,275 411,735 Net income $996,975 $960,715 Dividends paid Preferred dividends 29,450 29,450 Common dividends 433,450 413,100 Total dividends paid 462,900 442,550 Net income retained 534,075 518,165 Retained earnings, beginning of year 3,660,515 3,142,350 Retained earnings, end of year $4,194,590 $3,660,515 Calculate the price/earnings ratio (market price of $48 at year-end) for 2020. (Round answer to 1 decimal place, eg. 2.5.) Price/earnings ratio