Refer to the following financial statements for Crosby Corporation: CROSBY CORPORATION Income Statement For the Year Ended December 31, 20X2 Sales $ 2,600,000 Cost of goods sold 1,534,000 Gross profit $ 1,066,000 Selling and administrative expense 520,000 Depreciation expense 182,000 Operating income $ 364,000 Interest expense 104,000 Earnings before taxes $ 260,000 Taxes 93,600 Earnings after taxes $ 166,400 Preferred stock dividends 13,000 Earnings available to common stockholders $ 153,400 Shares outstanding 120,000 Earnings per share 1.28 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, 20x2 $598,000 153, 400 57,200 $694,200 Year-End 20x2 $ 117,000 390,000 481,000 36,400 $1,024,400 78,000 $ 2,834,000 1,352,000 1,482,000 $2,584,400 Comparative Balance Sheets For 20x1 and 20x2 Year-End 20x1 Assets Current assets: Cash 83,200 Accounts receivable (net) 351,000 Inventory 468,000 Prepaid expenses 57,200 Total current assets $ 959,400 Investments (long-term securities) 91,000 Gross plant and equipment $ 2,340,000 Less: Accumulated depreciation 1,170,000 Net plant and equipment 1,170,000 Total assets $2,220,400 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 299,000 Notes payable 468,000 Accrued expenses 78,000 Total current liabilities $ 845,000 Long-term liabilities: Bonds payable, 20x2 83,200 Total liabilities $ 928,200 Stockholders' equity: Preferred stock, $100 par value $ 98,000 Common stock, $1 par value 128,000 Capital paid in excess of par 418,000 Retained earnings 648,200 Total stockholders' equity $1,292,200 Total liabilities and stockholders' equity $2,220,400 $ 520,000 468,000 59,800 $1,047,800 130,000 $1,177,800 98,000 128,000 418,000 694,200 $1,338,200 $2,516,000 a. Prepare a statement of cash flows for the Crosby Corporation: (Amounts to be deducted should be indicated with parentheses or a minus sign.) a. Prepare a statement of cash flows for the Crosby Corporation: (Amounts to be dedu a minus sign.) CROSBY CORPORATION Statement of Cash Flows For the Year Ended December 31, 20X2 Cash flows from operating activities: Adjustments to determine cashflow from operating activities: Total adjustments Net cash flows from operating activities Cash flows from investing activities: Net cash flows from investing activities Cash flows from financing activities: b. Compute the book value per common share for both 20X1 and 20X2 for the Crosby Corporation. (Round your answers to 2 decimals places.) Book value 20x1 20X2 c. If the market value of a share of common stock is 2.5 times book value for 20X2, what is the firm's P/E ratio for 20x2? (Do not round intermediate calculations. Round your final answer to 2 decimal places.) P/E ratio times