Wildhorse Medical manufactures hospital beds and other institutional furniture. The company's comparativ income statement for 2019 and 2020 follow. Wildhorse Medical Comparative Balance Sheet As of December 31 2020 2019 Assets Current assets Cash $381,000 $417,400 Accounts receivable, net 1,003,000 776,400 Inventory 741,000 681,050 Other current assets 381,350 247,050 Total current assets 2,506,350 2,121,900 Property, plant, & equipment, net 8,750,700 8,439,930 Total assets $11,257,050 $10,561,830 Liabilities and Stockholders' Equity Current liabilities $3,197,000 $2.846,050 Long-term debt 3,702,600 3,892,600 Total liabilities 6,899,600 6,738,650 Preferred stock, $5 par value 58,950 58,900 Common stock, $0.25 par value 104,700 103,800 Retained earnings 4,193,800 3,660,480 Total stockholders' equity 4,357,450 3,823,180 Total liabilities and stockholders' equity $11,257,050 $10,561,830 Wildhorse Medical Comparative Income Statement and Statement of Retained Earnings For the Year 2020 2019 Sales revenue (all on account) $10,177,200 $9,613,900 Cost of goods sold 5,613,500 5,298,700 Gross profit 4,563,700 4,315,200 Operating expenses 2,840,250 2,634,100 Net operating income 1,723,450 1,681,100 Interest expense 300,350 308,700 Net income before taxes 1,423,100 1,372,400 Income taxes (30%) 426,930 411,720 Net income $996,170 $960.680 Dividends paid Preferred dividends 29,450 29,450 Common dividends 433,400 413,100 Total dividends paid 462,850 442,550 Your answer is correct. Calculate the earnings per share (average of 418,000 shares outstanding for the year) for 2020. (Round answer to 2 decimal places, e.g. 2.55.) Earning per share $ 2.31 per share e Textbook and Media Assistance Used Attempts: 1 of 3 used (b) Calculate the price/earnings ratio (market price of $48 at year-end) for 2020. (Round answer to 1 decimal place, e.g. 2.5.) Price/earnings ratio