Refer to the following financial statements for Crosby Corporation:

a) fill in chart

b) Compute the book value per common share for both 20X1 and 20X2 for the Crosby Corporation. c) If the market value of a share of common stock is 3.4 times book value for 20X2, what is the firms P/E ratio for 20X2?

Statement of Cash Flows For the Year Ended December 31, 202 Comparative Balance Sheets For 20X1 and 20X2 Year-End 20X1 Year-End 202 Assets Current assets: Cash Accounts receivable (net) Inventory Prepaid expenses Total current assets Investments (long-term securities) Gross plant and equipment Less: Accumulated depreciation Net plant and equipment Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Notes payable Accrued expenses Total current liabilities Long-term liabilities: Bonds payable, 20X2 Total liabilities Stockholders' equity: Preferred stock, \$100 par value Common stock, \$1 par value Capital paid in excess of par Retained earnings Total stockholders' equity Total liabilities and stockholders' equity \begin{tabular}{r} $110,000 \\ 556,000 \\ 683,000 \\ 69,500 \\ \hline$1,418,500 \\ 95,600 \end{tabular} $2,290,0001,100,000 1,190,0002,704,100 $386,000500,00077,200$963,200 172,0001,135,200 $90,000150,000350,000978,900$1,568,900$2,704,100 \begin{tabular}{r} $103,400 \\ 570,000 \\ 733,000 \\ 34,400 \\ \hline$1,440,800 \\ 81,700 \end{tabular} $2,830,0001,417,000 1,413,0002,935,500 $582,000500,00051,600$1,133,600 221,0001,354,600 $90,000150,000350,000990,900$1,580,900$2,935,500 CROSBY CORPORATION Income Statement For the Year Ended December 31, 202 Sales Cost of goods sold Gross profit Selling and administrative expense Depreciation expense Operating income Interest expense Earnings before taxes Taxes Earnings after taxes Preferred stock dividends Earnings available to common stockholders Shares outstanding Earnings per share \begin{tabular}{r} $4,210,000 \\ 2,620,000 \\ \hline$1,590,000 \\ 703,000 \\ 317,000 \\ \hline$570,000 \\ 82,000 \\ \hline$488,000 \\ 231,000 \\ \hline$257,000 \\ 10,000 \\ \hline$247,000 \\ \hline 150,000 \\ $1,65 \end{tabular} Statement of Retained Earnings For the Year Ended December 31, 20X2 Retained earnings, balance, January 1, 20X2 Add: Earnings available to common stockholders, 20X2 Deduct: Cash dividends declared and paid in 20X2 Retained earnings, balance, December 31,202 $978,900247,000235,000$990,900