e. Calculate the price per share of common equity as of 12/31/2016
Millions except price per share	Actual
	12/31/2016
Value of operations	$1,329.6
+ Value of short-term investments
Total value of company
Total value of all debt
Value of preferred stock
Value of common equity
Divided by number of shares
Price per share

Income Statement for the Year Ending December 31 (Millions of Dollars) 2016 $800.0 $576.0 $60.0 $636.0 $164.0 $32.0 $132.0 52.8 $79.2 Net Sales Costs (except depreciation) Depreciation Total operating costs Earning before int. & tax Less interest Earning before taxes Taxes (40%) Net income before pref. div Preferred div Net income avail. for com. div Common dividends Addition to retained earnings $77.9 $31.1 $46.7 Number of shares (in millions) Dividends per share 10 $3.11 Balance Sheets for December 31 (Millions of Dollars) Assets Cash Short-term investments Accounts receivable Inventories Liabilities and Equity Accounts Payable Notes payable Accruals 2016 8.0 20.0 80.0 160.0 $268.0 600.0 2016 16.0 40.0 40.0 96.0 300.0 15.0 Total current liabilities $ Long-term bonds Preferred stock Common Stock (Par plus PIC) Total current assets Net plant and equipment $868.0 Total Assets 257.0 200.0 457.0 868.0 Retained earnings Common equity Total liabilities and equi $