Refer to the following financial statements for Crosby Corporation: ta CROSBY CORPORATION Income Statement For the Year Ended December 31, 20X2 Sales $ Cost of goods sold Gross profit $ Selling and administrative expense Depreciation expense Operating income Interest expense Earnings before taxes $ Taxes Earnings after taxes $ Preferred stock dividends Earnings available to common stockholders $ Shares outstanding Earnings per share 3,650,000 2,230,000 1,420,000 654,000 273,000 493,000 85,300 407,700 186,000 221,700 10,000 211,700 150,000 1.41 ta 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 Retained earnings, balance, December 31, 20X2 $1,370, 100 211,700 141,000 $1,440,800 Year-End 20X2 $ 107, 100 571,000 717,000 32,800 $1,427,900 89,000 $ 3,420,000 1,493,000 1,927,000 $3,443,900 Comparative Balance Sheets For 20X1 and 20X2 Year-End 20X1 Assets Current assets: Cash $ 137,000 Accounts receivable (net) 541,000 Inventory 697,000 Prepaid expenses 65,600 Total current assets $1,440,600 Investments (long-term securities) 95,800 Gross plant and equipment $ 2,770,000 Less: Accumulated depreciation 1,220,000 Net plant and equipment 1,550,000 Total assets $3,086,400 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 369,000 Notes payable 501,000 Accrued expenses 73,300 Total current liabilities $ 943,300 Long-term liabilities: Bonds payable, 20X2 183,000 Total liabilities $1,126,300 Stockholders equity: Preferred stock, $100 par value $ 90,000 Common stock, $1 par value 150,000 Capital paid in excess of par 350,000 Retained earnings 1,370, 100 Total stockholders' equity $1,960, 100 Total liabilities and stockholders' equity $3,086,400 $ 616,000 501,000 51,100 $1,168, 100 245,000 $1,413,100 $ 90,000 150,000 350,000 1,440, 800 $2,030, 800 $3,443,900 a. Prepare a statement of cash flows for the Crosby Corporation (Amounts to be deducted should be indicated with parent 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: Adjustments to determine cashflow from operating activities: Total adjustments Net cash flows from operating activities Cash flows from investing activities: Net cash flows from investing activities Cash flows from financing activities: Net cash flows from financing activities 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 1.7 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