Cullumber Medical manufactures hospital beds and other institutional furniture. The company's comparative balance sheet and income statement for 2019 and 2020 follow. Assets Current assets Cullumber Medical Comparative Balance Sheet As of December 31 2020 2019 Cash $400,000 $417,500 Accounts receivable, net 1,056,000 776,400 Inventory 721,000 681,050 Other current assets 381,300 247,050 Total current assets 2,558,300 2,122,000 Property, plant, & equipment, net 8,710,235 8,439,930 Total assets $11,268,535 $10,561,930 Liabilities and Stockholders' Equity Current liabilities $3,208,000 $2,846,000 Long-term debt 3,702,700 3,892,650 Total liabilities 6,910,700 6,738,650 Preferred stock, $5 par value 59,000 58,900 Common stock, $0.25 par value 104,700 103,900 Retained earnings 4,194,135 3,660,480 Total stockholders' equity 4,357,835 3,823,280 Total liabilities and stockholders' equity $11,268,535 $10,561,930 Cullumber Medical Comparative Income Statement and Statement of Retained Earnings For the Year 2020 2019 Sales revenue (all on account) Cost of goods sold $10,177,300 $9,613,900 5,613,000 5,298,700 Gross profit 4,564,300 4,315,200 Operating expenses 2,840,250 2,634,200 Net operating income 1,724,050 1,681,000 Interest expense 300,400 308,600 Net income before taxes 1,423,650 1,372,400 Income taxes (30%) 427,095 411,720 Net income $996,555 $960,680 Dividends paid Preferred dividends 29,550 29,500 Common dividends 433,350 413,100 Total dividends paid 462,900 442,600 Net income retained 533,655 518,080 Retained earnings, beginning of year 3,660,480 3,142,400 Retained earnings, end of year $4,194,135 $3,660,480 (a) Your answer is correct. Calculate the earnings per share (average of 418,000 shares outstanding for the year) for 2020. (Round answer to 2 decimal places, eg 2.55) (b) Earning per share $ eTextbook and Media 231 per share Attempts: 1 of 3 used Calculate the price/earnings ratio (market price of $48 at year-end) for 2020. (Round answer to 1 decimal place, e.g. 2.5.) Price/earnings ratio eTextbook and Media Save for Later Attempts: 0 of 3 used Submit Answer