Refer to the following financial statements for Crosby Corporation:

CROSBY CORPORATION Income Statement For the Year Ended December 31, 20X2
Sales		$	3,200,000
Cost of goods sold			1,888,000
Gross profit		$	1,312,000
Selling and administrative expense			640,000
Depreciation expense			224,000
Operating income		$	448,000
Interest expense			128,000
Earnings before taxes		$	320,000
Taxes			115,200
Earnings after taxes		$	204,800
Preferred stock dividends			16,000
Earnings available to common stockholders		$	188,800
Shares outstanding			120,000
Earnings per share		$	1.57

Statement of Retained Earnings For the Year Ended December 31, 20X2
Retained earnings, balance, January 1, 20X2	$	736,000
Add: Earnings available to common stockholders, 20X2		188,800
Deduct: Cash dividends declared and paid in 20X2		70,400
Retained earnings, balance, December 31, 20X2	$	854,400

Comparative Balance Sheets For 20X1 and 20X2
	Year-End 20X1				Year-End 20X2
Assets
Current assets:
Cash		$	102,400			$	144,000
Accounts receivable (net)			432,000				480,000
Inventory			576,000				592,000
Prepaid expenses			70,400				44,800
Total current assets		$	1,180,800			$	1,260,800
Investments (long-term securities)			112,000				96,000
Gross plant and equipment	$ 2,880,000				$ 3,488,000
Less: Accumulated depreciation	1,440,000				1,664,000
Net plant and equipment			1,440,000				1,824,000
Total assets		$	2,732,800			$	3,180,800
Liabilities and Stockholders Equity
Current liabilities:
Accounts payable		$	368,000			$	640,000
Notes payable			576,000				576,000
Accrued expenses			96,000				73,600
Total current liabilities		$	1,040,000			$	1,289,600
Long-term liabilities:
Bonds payable, 20X2			102,400				160,000
Total liabilities		$	1,142,400			$	1,449,600
Stockholders equity:
Preferred stock, $100 par value		$	110,000			$	110,000
Common stock, $1 par value			140,000				140,000
Capital paid in excess of par			430,000				430,000
Retained earnings			910,400				854,400
Total stockholders equity		$	1,590,400			$	1,534,400
Total liabilities and stockholders equity		$	2,732,800			$	2,984,000

a. Prepare a statement of cash flows for the Crosby Corporation: (Amounts to be deducted should be indicated with parentheses or a minus sign.)

b. Compute the book value per common share for both 20X1 and 20X2 for the Crosby Corporation. (Round your answers to 2 decimals places.)

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? (Do not round intermediate calculations. Round your final answer to 2 decimal places.)