Refer to the following financial statements for Crosby Corporation: CROSBY CORPORATION Income Statement For the Year Ended December 31, 20X2 Sales $ 4,190,000 Cost of goods sold 2,820,000 Gross profit $ 1,370,000 Selling and administrative expense 685,000 Depreciation expense 319,000 Operating income $ 366,000 Interest expense 89,300 Earnings before taxes $ 276,700 Taxes 227,000 Earnings after taxes $ 49,700 Preferred stock dividends 10,000 Earnings available to common stockholders $ 39,700 Shares outstanding 150,000 Earnings per share $ 0.26 Statement of Retained Earnings For the Year Ended December 31, 20X2 Retained earnings, balance, January 1, 20X2 $ 45,900 Add: Earnings available to common stockholders, 20X2 39,700 Deduct: Cash dividends declared and paid in 20X2 25,000 Retained earnings, balance, December 31, 20X2 $ 60,600 Comparative Balance Sheets For 20X1 and 20X2 Year-End 20X1 Year-End 20X2 Assets Current assets: Cash $ 173,000 $ 60,000 Accounts receivable (net) 549,000 573,000 Inventory 645,000 686,000 Prepaid expenses 61,600 37,800 Total current assets $ 1,428,600 $ 1,356,800 Investments (long-term securities) 90,100 84,700 Gross plant and equipment $ 2,240,000 $ 2,930,000 Less: Accumulated depreciation 1,990,000 2,309,000 Net plant and equipment 250,000 621,000 Total assets $ 1,768,700 $ 2,062,500 Liabilities and Stockholders Equity Current liabilities: Accounts payable $ 307,000 $ 555,000 Notes payable 558,000 558,000 Accrued expenses 72,800 50,900 Total current liabilities $ 937,800 $ 1,163,900 Long-term liabilities: Bonds payable, 20X2 195,000 248,000 Total liabilities $ 1,132,800 $ 1,411,900 Stockholders equity: Preferred stock, $100 par value $ 90,000 $ 90,000 Common stock, $1 par value 150,000 150,000 Capital paid in excess of par 350,000 350,000 Retained earnings 45,900 60,600 Total stockholders equity $ 635,900 $ 650,600 Total liabilities and stockholders equity $ 1,768,700 $ 2,062,500 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 3.3 times book value for 20X1, what is the firms P/E ratio for 20X2 vs. 20X1? (Do not round intermediate calculations. Round your final answer to 2 decimal places.)