Refer to the following financial statements for Crosby Corporation: CROSBY CORPORATION Income Statement For the Year Ended December 31, 20X2 $ 4,240,000 2,640,000 $1,600,000 700,000 300,000 $ 600,000 89,000 $ 511,000 211,000 $ 300,000 10,000 $ 290,000 Sales Cost of goods sold Gross profit Selling and administrative expense Depreciation expense Operating income Interest expense Earnings before taxes es Earnings after taxes Preferred stock dividends Earnings available to common stockholders Shares outstanding Earnings per share 150,000 1.93 Statement of Retained Earnings For the Year Ended December 31, 20X2 Retained earnings, balance, January 1, 20X2 Add: Earnings available to common stockholders, 20X2 Deduct: Cash dividends declared and paid in 20X2 $ 80,300 290,000 150,000 $220,300 Retained earnings, balance, December 31, 20X2 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 $ 112,000 556,000 633, 000 64,900 $1,365,900 92,300 $ 185,900 602,000 641,000 32,000 $1,460,900 85,000 $ 2,120,000 1,870,000 $ 2,870,000 2,170, 000 250,000 $1,708,200 700,000 $2, 245,900 Total assets Liabilities and Stockholders' Equity Current liabilities: $ 304,000 536,000 74,900 $ 914,900 $ 635,000 536,000 56,600 $1,227,600 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 123,000 $1,037,900 208,000 $1,435,600 90,000 24 150,000 350,000 80,300 $670,300 $1,708,200 90,000 150,000 350,000 220,300 $ 810,300 $2, 245,900 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.) b. 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 c. If the market value of a share of common stock is 2.1 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