Refer to the following financial statements for Crosby Corporation: CROSBY CORPORATION Income Statement For the Year Ended December 31, 20X2 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 4,110,000 2,680,000 1,430,000 729,000 298,000 403,000 80,700 322,300 210,000 112,300 10,000 102,300 150,000 0.68 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 $ 554,000 102,300 169,000 $ 487,300 Year-End 20X2 94,300 552,000 668,000 38,000 $1,352,300 82,400 $ 2,620,000 1,598,000 1,022,000 $2,456,700 Comparative Balance Sheets For 20x1 and 20x2 Year-End 20X1 Assets Current assets: Cash $ 123,000 Accounts receivable (net) 524,000 Inventory 661,000 Prepaid expenses 63,500 Total current assets $1,371,500 Investments (long-term securities) 94,900 Gross plant and equipment $ 2,120,000 Less: Accumulated depreciation 1,300,000 Net plant and equipment 820,000 Total assets $2,286,400 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 389,000 Notes payable 509,000 Accrued expenses 72,400 Total current liabilities $ 970,400 Long-term liabilities: Bonds payable, 20x2 172,000 Total liabilities $1,142,400 Stockholders' equity: Preferred stock, $100 par value $ 90,000 Common stock, $1 par value 150,000 Capital paid in excess of par 350,000 Retained earnings 554,000 Total stockholders' equity $1,144,000 Total liabilities and stockholders' equity $2,286,400 589,000 509,000 51,400 $1,149,400 230,000 $1,379,400 $ 90,000 150,000 350,000 487,300 $1,077,300 $2,456,700 a. Prepare a statement of cash flows for the Crosby Corporation: (Amounts to be deducted should be indicated with parentheses or 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: Net 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 3.1 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