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Question - Markus Company's common stock sold for $5.00 per share at the end of this year. The company paid a common stock dividend of $0.80 per share this year. It also provided the following data excerpts from this year's financial statements:
Ending Balance
Beginning Balance
Cash
$45,000
$42,000
Accounts receivable
$90,000
$65,000
Inventory
$72,100
Current assets
$207,100
$197,000
Total assets
$766,000
$836,400
Current liabilities
$88,000
$82,500
Total liabilities
$196,000
$176,400
Common stock, $1 par value
$159,000
Total stockholders' equity
$570,000
$660,000
Total liabilities and stockholders' equity
This Year
Sales (all on account)
$1,045,000
Cost of goods sold
$606100
Gross margin
$438,900
Net operating income
$300,000
Interest expense
$15,000
Net income
$199,500
Required - What is the price-earnings ratio?
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