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Kelemen, Inc. provides the following information for 2017: Net income $250,000 Market price per share...

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Accounting

Kelemen, Inc. provides the following information for 2017:

Net income $250,000

Market price per share of common stock $70 per share

Dividends paid $190,000

Common stock outstanding at Jan. 1, 2017 150,000 shares

Common stock outstanding at Dec. 31, 2017 230,000 shares

The company has no preferred stock outstanding. Calculate the price/earnings ratio of common stock. (Round any intermediate calculations and your final answer to two decimal places.)

a) 64.22

b) 41.92

c) 70.00

d) 53.03

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