$($Market value analysis$)$ The balance sheet for Larry Underwood Motors shows a book value

of stockholders' equity $($book value per share $$ total shares outstanding$)$ of $$1,389,000.$ Furthermore,

the firm's income statement for the year just ended has a net income of $$507,000,$ which is $$0\mathrm{.}269$ per

share of common stock outstanding. The price$-$earnings ratio for firms similar to Underwood Motors is

$20\mathrm{.}77.$

a$.$ What price would you expect Underwood Motors shares to sell for?

b$.$ What is the book value per share for Underwood's shares?