Preferred stock outstanding, 1% 200 800 Net income Average number of shares of common stock outstanding 300 The annual report of Sweet Cars, Inc., for the year ended December 31, 2018, included the following items (in millions): (Click the icon to view the items on the annual report.) 1. Calculate earnings per share (EPS) and the price-earnings ratio for Sweet Cars' stock. Round to the nearest cent. The price of a share of the company's stock is $35.91. 2. How much does the stock market say $1 of Sweet Cars' net income is worth? Select the formulas and then calculate each ratio. (Abbreviation used; P/E = Price-earnings. Round your answers to two decimal places, X.XX.) Ratio Formula Amount EPS (Net income - Preferred dividends) / Average number of common shares outstanding P/E ratio Market price per share / Earnings per share