The Balance Sheet for Tyde Corporation at the End of the Current

Essay

The balance sheet for Tyde Corporation at the end of the current year indicates the following: $\begin{array}{llr} \text { Bonds payable, \( 6 \% \) } &\$4,000,000\\ \text { \( 5 \% \) Preferred stock, \$100 par } &1,000,000\\ \text { Common stock \( \$ 10 \) par} &2,000,000\end{array}$
Income before income taxes was $480000 and income taxes expense for the current year amounted to $144000. Cash dividends paid on common stock were $300000 and the common stock was selling for $22.88 per share at the end of the year. There were no ownership changes during the year.
Instructions
Determine each of the following:
(a) Times that bond interest was earned.
(b) Earnings per share for common stock.
(c) Price-earnings ratio.