Refer to the following financial statements for Crosby Corporation: CROSBY CORPORATION Income Statement For the Year Ended December 31, 202 $ 4,180,000 2,740,000 Sales Cost of goods sold Gross profit $1,440,000 Selling and administrative expense 653,000 Depreciation expense 244,000 Operating income $ 543,000 Interest expense 82,700 Earnings before taxes $ 460,300 Taxes 191,000 Earnings after taxes $ 269,300 Preferred stock dividends 10,000 Earnings available to common stockholders $ 259,300 Shares outstanding 150,000 Earnings per share $ 1.73 Statement of Retained Earnings For the Year Ended December 31, 202 Retained earnings, balance, January 1, 20x2 $ 993,200 Add: Earnings available to common stockholders, 202 Deduct: Cash dividends declared and paid in 202 259,300 202,000 Retained earnings, balance, December 31, 20x2 $1,050,500 Comparative Balance Sheets For 20X1 and 20x2 Year-End 20X1 Year-End 20x2 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. $ 2,370,000 1,120,000 $ 130,000 509,000 648,000 66,700 $1,353,700 97,300 $ 3,100,000 1,250,000 $2,701,000 $ 124,000 $1,117,800 $ 94,000 537,000 661,000 38,700 $1,330,700 86,400 1,364,000 1,736,000 $3,153,100 $ 343,000 577,000 73,800 993,800 993,200 $1,583,200 $2,701,000 $ 635,000 577,000 55,600 $1,267,600 245,000 $1,512,600 $ 90,000 150,000 350,000 1,050,500 $1,640,500 $3,153,100 $ 90,000 150,000 350,000 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: $ 0 $ 0 Net cash flows from investing activities $ 0 Cash flows from financing activities: Net cash flows from financing activities $ 0 b. Compute the book value per common share for both 20X1 and 20X2 for the Crosby Corporation. (Round your answers to 2 decimals places.) 20X1 20X2 Book value c. If the market value of a share of common stock is 1.9 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