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Trenton Company has provided the following information: Net income, $240,000; Preferred shares issued,...

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Accounting

Trenton Company has provided the following information:

Net income, $240,000; Preferred shares issued, 6,000; Average number of common shares issued, 24,000; Cash dividends declared and paid on common stock, $30,000; Market price per share, $36; Average treasury shares of common stock, 4,000.

What is Trenton's price/earnings ratio?

A. 3.60.

B. 4.20.

C. 3.00.

D. 4.50.

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