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$[$The following information applies to the questions displayed below.$]$

The following information applies to Acorn Construction Company $($ACC$)$:

Year $2$ Year $1$

Net sales $ $1,080,000$ $ $700,000$

Income before interest and taxes $152,50094,000$

Net income $69,00057,000$

Interest expense $29,50020,000$

Stockholders' equity December $31820,300875,000$

Common stock $760,300850,000$

Preferred stock dividends $29,00029,000$

Information on the number of shares outstanding is provided below:

Average number of shares outstanding, Year $143,000$

Average number of shares outstanding, Year $238,000$

Required:

$($c$)$ Compute price$-$earnings ratio for ACC for Year $2$ and Year $1$: $($Market prices: Year $2$ $$17\mathrm{.}50$ per share, Year $1$ $$15\mathrm{.}00$ per share$)$

Note: Round your intermediate and final answers to two decimal places.Required information

$[$The following information applies to the questions displayed below.$]$

The following information applies to Acorn Construction Company $($ACC$)$:

Information on the number of shares outstanding is provided below:

Average number $of$ shares outstanding, Year $1,43,000$

Average number $of$ shares outstanding, Year $2,38,000$

Required:

$($c$)$ Compute price$-$earnings ratio for ACC for Year $2$ and Year $1$: $($Market prices: Year $2$$$17\mathrm{.}50$ per share, Year $1$$$15\mathrm{.}00$ per share$)$

Note: Round your intermediate and final answers to two decimal places.