Tempel Corporation has provided the following data: Year 2Year 1Common stock, $4 par value$240,000 $240,000 Total stockholders' equity$817,000 $810,000 Net operating income$36,714 Net income before taxes$17,714 Net income$12,400 The market price of common stock at the end of Year 2 was $2.77 per share. The company's price-earnings ratio for Year 2 is closest to:
A. 4.54
B. 0.35
C. 13.40
D. 9.23
Answer: C
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In a competitive market, prices can be reduced to gain market share by displacing the sales of competing companies
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