Jane Corporation's annual report is as follows.

	Sept. 30, 2020
Net Income	$423,500
Preferred Dividends	0
Total Stockholders' Equity	$5,082,000
Stockholders' Equity attributable to Preferred Stock	0
Number of Common Shares Outstanding	192,168

1. Based on the information provided above, calculate the earnings per share of Jane Corporation as of September 30, 2020.

If the current market price is $15 on September 30, 2020, calculate the price/earnings ratio.

2. Julie Company earned net income of $85,000 during the year ended December 31, 2019. Record the journal entries for 2019, assuming Julie Company declared a dividend of $10,000 on December 1^st for stockholders of record on December 10th. Julie Company paid the dividend on December 20^th.