the balance sheets at the end of the first two years of operations indicate the following:

shts at the of each of the first tug years of operations indicate the folb%ing: 'ta current agets tal investrnents 'tal property, plant, and equipment ital current liabilities long-term liabilities 9% stock, Sloo par stock, SIO par n in excess Of parcommon stock etaini earnings S612317 68,171 861699 114,252 312.681 80629 5B553 63.040 418.532 S570527 51,253 660,232 87,037 80629 553,553 63,040 252,145 is S IIS,769 and interest expn* $41,191 for and market p rie is S46, %at is the priceamings ratio for 2012 to tho answer. b Multiple