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Refer to the following financial statements for Crosby Corporation: CROSBY CORPORATION Income Statement For the Year Ended December 31, 20X2 Sales $ 4,180,000 Cost of goods sold 2,740,000 Gross profit $ 1,440,000 Selling and administrative expense 653,000 Depreciation expense 244,000 Operating income $ 543,000 Interest expense 82,700 Earnings before taxes $ 460,300 Taxes 191,000 Earnings after taxes $ 269,300 Preferred stock dividends 10,000 Earnings available to common stockholders $ 259, 300 Shares outstanding 150,000 Earnings per share $ 1.73 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 $ 993, 200 259, 300 202,000 $1,050,500 Year-End 20X2 $ 94,000 537,000 661,000 38,700 $1,330,700 86,400 $ 3,100,000 1,364,000 1,736,000 $3,153, 100 Comparative Balance Sheets For 20x1 and 20x2 Year-End 20x1 Assets Current assets: Cash $ 130,000 Accounts receivable (net) 509,000 Inventory 648,000 Prepaid expenses 66,700 Total current assets $1,353,700 Investments (long-term securities) 97,300 Gross plant and equipment $ 2,370,000 Less: Accumulated depreciation 1,120,000 Net plant and equipment 1,250,000 Total assets $2,701,000 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 343,000 Notes payable 577,000 Accrued expenses 73,800 Total current liabilities $ 993,800 Long-term liabilities: Bonds payable, 20x2 124,000 Total liabilities $1,117,800 Stockholders' equity: Preferred stock, $100 par value $ 90,000 Common stock, $i par value 150,000 Capital paid in excess of par 350,000 Retained earnings 993, 200 Total stockholders' equity $1,583,200 Total liabilities and stockholders' equity $ 2,701,000 $ 635,000 577,000 55,600 $1,267,600 245,000 $1,512,600 $ 90,000 150,000 350,000 1,050,500 $1,640,500 $3,153,100 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 1.9 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