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A Corporation Reported Net Income of $2,730,000 and Paid Preferred

Question 1

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A corporation reported net income of $2,730,000 and paid preferred cash dividends of $120,000 during the current year.There were 600,000 weighted-average shares of common stock outstanding and the market price per common share at year-end was $58.30.Calculate the company's price-earnings ratio.

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