Question 27 1 pts On December 31, 2019, Richmond Company had 100,000 shares of P10 par value common stock issued and outstanding. There was no change in the number of shares outstanding during 2020. Total stockholders' equity at December 31, 2020, was P2,800,000. The net income for the year ended December 31, 2020, was P 800,000. During 2020, Richmond paid P3.00 per share in dividends on its common stock. The quoted market value of Richmond's common stock on the National Stock Exchange was P24 on December 31, 2020. What was the price-earnings ratio on common stock for 2020? O 3.5 to 1 O 8.0 to 1 O 4.8 to 1 O 3.0 to 1