Orchard Corporation's capital stock at December 31 consisted of the following: a. Common Stock, $2 par value; 100,000 shares authorized, issued, and outstanding. b. 10% noncumulative, nonconvertible preferred stock, $100 par value; 1,000 shares authorized, issued, and outstanding. Orchard's common stock, whick is listed on a major stock exchange, was quoted at $4 per share on December 31. Orchard's net income for the year ended Dec 31 was $50,000. The yearly preferred dividend was declared. No capital stock transactions occurred. What was the price earnings ratio on Orchard's common stock at dec 31? a. 6 to 1 b. 8 to 1 c. 10 to 1 d. 16 to l