Refer to the following financial statements for Crosby Corporation:

CROSBY CORPORATION Income Statement For the Year Ended December 31, 20X2
Sales		$	3,330,000
Cost of goods sold			1,980,000
Gross profit		$	1,350,000
Selling and administrative expense			588,000
Depreciation expense			230,000
Operating income		$	532,000
Interest expense			81,600
Earnings before taxes		$	450,400
Taxes			161,000
Earnings after taxes		$	289,400
Preferred stock dividends			10,000
Earnings available to common stockholders		$	279,400
Shares outstanding			150,000
Earnings per share		$	1.86

Statement of Retained Earnings For the Year Ended December 31, 20X2
Retained earnings, balance, January 1, 20X2	$	829,500
Add: Earnings available to common stockholders, 20X2		279,400
Deduct: Cash dividends declared and paid in 20X2		187,000
Retained earnings, balance, December 31, 20X2	$	921,900

Comparative Balance Sheets For 20X1 and 20X2
	Year-End 20X1				Year-End 20X2
Assets
Current assets:
Cash		$	150,000			$	547,800
Accounts receivable (net)			540,000				551,000
Inventory			672,000				708,000
Prepaid expenses			65,200				32,400
Total current assets		$	1,427,200			$	1,839,200
Investments (long-term securities)			96,200				82,100
Gross plant and equipment	$ 2,850,000				$ 3,100,000
Less: Accumulated depreciation	1,870,000				2,100,000
Net plant and equipment			980,000				1,000,000
Total assets		$	2,503,400			$	2,921,300
Liabilities and Stockholders Equity
Current liabilities:
Accounts payable		$	306,000			$	593,000
Notes payable			510,000				510,000
Accrued expenses			74,900				51,400
Total current liabilities		$	890,900			$	1,154,400
Long-term liabilities:
Bonds payable, 20X2			193,000				255,000
Total liabilities		$	1,083,900			$	1,409,400
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			829,500				921,900
Total stockholders equity		$	1,419,500			$	1,511,900
Total liabilities and stockholders equity		$	2,503,400			$	2,921,300

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:
Net income
Adjustments to determine cashflow from operating activities:
Add back depreciation
Increase in accounts receivable
Increase in inventory
Decrease in prepaid expenses
Total adjustments		$0
Net cash flows from operating activities		$0
Cash flows from investing activities:
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.)

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.)

Prepare a statement of cash fiows 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: Net income Adiustments to determine cashflow from operating activities Add back depreciation Increase in accounts receivable Increase in inventory Decrease in prepaid expenses Total adjustments 0 Net cash flows from operating activities 0 Cash flows from investing activities Net cash flows from investing activities 0 Cash flows from financing activities: Net cash flows from financing activities . 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 If the market value of a share of common stock is 3.3 times book value for 20X1, what is the firm's P/E ratio 20X2 vs, 20X1? (Do not round intermediate calculations, Round vour final answer to 2 decimal places.) PIE ratio times Refer to the following financial statements for Crosby Corporation: CR Income Staterment TION For the Year Ended December 31, 20X2 Sales 3,330,000 goods sold Gross profit Selling and administrative expense Depreciation expense 1350.000 588,000 230,000 Operaung income In 81.600 450,400 161,000 289,400 10,000 279,400 Earnings before taxes Taxes Earnings after taxes Preferred stock dividends Earnings available to common stockholders Shares outstandilng Earnings per sh 150. Statement of Retained Eamings For the Year Ended December 31, 20X2 $829 500 Retained Add: Eamings available to common stockholders, 20X2 Deduct: Cash dividends declared and paid in 20X2 279 400 187,000 921,900 Retained earnings, balance, December 31, 20X2 Comparative Balance Sheets For 20X1 and 20X2 -End 20X1 Year-End 20X2 Assets Current assets S 150,000 Cash 547,800 unts receivable (net) 708 000 672 000 Prepaid expenses Total current assets Investments (long-term securities) 65,200 $1,427,200 96,200 32,400 $1.839.200 82,100 S2,850,000 1 870 000 $ 3.100.000 2.100.000 Less: Accumulated depreciation Net plant and equipment 980,000 1,000,000 $2.921,300 2,503.400 Total assets Liabilities and Stockholders' Equity Current liabilities ACCounts payable Accrued expenses Total current liabilities Long-term liabilities 20X2 S E10.000 40.000 74,900 S 890,900 51,400 $1.154.400 93 000 093 900 255.0 Total liabilities $1.409 400 $1 Stockholders' equity Preferred stock, $100 par value Common stock, $1 par value 90,000 90,000 150,000 50,000 cess of par Retained earnings Total stockholders' equity 829 500 921.900 $1,511,900 $ 1,419,500 2,503.400 $2,921,300 Total liabilities and stockholders' equity a. Prepare a statement of cash flows for the Crosby Corporation: (Amounts to be deducted should be indicated with parentheses or a minus sign.)