II. Valuation and Evaluation (22 points) 1. Assume that you believe that Steinway's balance sheet is fairly recorded except as follows. The internally-developed Steinway brands are worth $100,000, their property plant and equipment is worth $140,000 and the reserve which was established for environmental liabilities discussed in the footnotes should be $15,000. Estimate a fair stock price per share for Steinway as of year-end 2012 (they have 12.410 million shares outstanding). {6 points)