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The balance sheets at the end of each of the first two years of operations indicate the following: Using the balance sheets for Kellman Company,

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The balance sheets at the end of each of the first two years of operations indicate the following: Using the balance sheets for Kellman Company, if net income is $119,125 and interest expense is $31,319 for Year 2 , and the market price of common shares is $31, what is the price-earnings ratio on common stock for Year 2 (rounded to two decimal places)? a. 2.17 b. 11.05 C. 10.38 d. 14.29

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