Refer to the following financial statements for Crosby Corporation:

CROSBY CORPORATION Income Statement For the Year Ended December 31, 20X2
Sales		$	4,050,000
Cost of goods sold			2,690,000
Gross profit		$	1,360,000
Selling and administrative expense			652,000
Depreciation expense			266,000
Operating income		$	442,000
Interest expense			88,300
Earnings before taxes		$	353,700
Taxes			110,000
Earnings after taxes		$	243,700
Preferred stock dividends			10,000
Earnings available to common stockholders		$	233,700
Shares outstanding			150,000
Earnings per share		$	1.56

Statement of Retained Earnings For the Year Ended December 31, 20X2
Retained earnings, balance, January 1, 20X2	$	200,900
Add: Earnings available to common stockholders, 20X2		233,700
Deduct: Cash dividends declared and paid in 20X2		219,000
Retained earnings, balance, December 31, 20X2	$	215,600

Comparative Balance Sheets For 20X1 and 20X2
	Year-End 20X1				Year-End 20X2
Assets
Current assets:
Cash		$	107,000			$	126,000
Accounts receivable (net)			502,000				511,000
Inventory			684,000				707,000
Prepaid expenses			62,200				36,100
Total current assets		$	1,355,200			$	1,380,100
Investments (long-term securities)			90,100				86,600
Gross plant and equipment	$ 2,010,000				$ 2,720,000
Less: Accumulated depreciation	1,670,000				1,936,000
Net plant and equipment			340,000				784,000
Total assets		$	1,785,300			$	2,250,700
Liabilities and Stockholders Equity
Current liabilities:
Accounts payable		$	304,000			$	649,000
Notes payable			508,000				508,000
Accrued expenses			71,400				52,100
Total current liabilities		$	883,400			$	1,209,100
Long-term liabilities:
Bonds payable, 20X2			111,000				236,000
Total liabilities		$	994,400			$	1,445,100
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			200,900				215,600
Total stockholders equity		$	790,900			$	805,600
Total liabilities and stockholders equity		$	1,785,300			$	2,250,700

a. Prepare a statement of cash flows for the Crosby Corporation: (Amounts to be deducted should be indicated with parentheses or a minus sign.)

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 2.5 times book value for 20X2, what is the firms P/E ratio for 20X2? (Do not round intermediate calculations. Round your final answer to 2 decimal places.)