Earnings per Share and Price-Earnings Ratio A company reports the following: Net income $1,360,500 Preferred dividends $77,000 Shares of common stock outstanding 85,000 Market price per share of...

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Extracted text: Earnings per Share and Price-Earnings Ratio A company reports the following: Net income $1,360,500 Preferred dividends $77,000 Shares of common stock outstanding 85,000 Market price per share of common stock $81.54 a. Determine the company's earnings per share on common stock. Round your answer to the nearest cent. Use the rounded answer of requirement a for subsequent requirement, if required. b. Determine the company's price-earnings ratio. Round to one decimal place.