Earnings per Share and Price-Earnings RatioA company reports the following:Net income $745,000 Preferred dividends $42,000 Shares of common stock outstanding 95,000 Market price per share of common stock $31.82a.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’sprice-earnings ratio. Round to one decimal place.
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