Refer to the following financial statements for Crosby Corporation: CROSBY CORPORATION Income Statement For the Year Ended December 31, 20x2 Sales $3,470,000 Cost of goods sold 2,230,000 Gross Profit $1,240,000 Selling and administrative 678,000 Depreciation expense 298.000 Operating income $ 264,000 Interest expense 85,400 Earnings before taxes $ 170.600 Taxes 140,000 Earnings after taxes $ 20.600 Preferred stock dividends 10,000 Earnings available to common stockholders $ 20,600 Shares outstanding 150,000 Earnings per share $ 0.14 Statement of Retained Earnings For the Year Ended December 31, 20x2 Retained earnings, balance, January 1, 20X2 $385,800 Add Earnings available to CONon stockholders, 20x220, 600 Deduct: Cash dividends declared and paid in 20x2 175.000 Retained earnings, balance, December 31, 2oxa $ 281,400 Comparative Balance Sheets 179,000 505,000 702,000 67,600 $1,453,600 94,000 94.600 543,000 707.000 35,000 $1,379,600 65,600 Accounts receivable Inventory Prepaid expenses Total current assets Investments (long-term securities) Gross plant and equipment Les Mecalated depreesation Set plans and equipent Total assets Libilities and Stockholders' Equity CateE lsabilities Accounts payable Notes payable Recrued expenses $ 2,090,000 1.620,000 $ 2,630,000 1,910,000 470.000 $2,017,600 712,000 $2,177,200 320,000 512,000 77,000 909,800 604,000 512,000 55,000 $1,171,000 184,000 $1,355,800 Long-term liabilities: Bonds payable, 20x2 Total liabilities Stoelholders equity Preferred stock, $100 par value Common stock, SL par value Capital paid in excess of par Retained earnings Total seekholdeen equity Total liabilities and stockholders' equity 132,000 $1,041,800 $ 90,000 150,000 350,000 305,000 975,000 $2,017.600 $ 90,000 150,000 350.000 2a1,400 821,400 $2,177,200 a. Prepare a statement of cash flows for the Crosby Corporation (Amounts to be deducted should be indicated with parentheses of 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 EL Total adjustments Nel cash flows from operating activities Cash flows from investing activities: 1 Net cash flows from investing activities Cash flows from financing activities Net cash flows from financing activities s 0 b. Compute the book value per common share for both 20X1 and decimals places.) for the Crosby Corporation (Round your answers to Book value 20X1 c. If the market value of a share of common stock is 24 times book value for 20x2. what is the firm's P/E ratio for 20x22 (Do Intermediate calculations. Round your final answer to 2 decimal places.) P/E ratio