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Minden Co. has current assets of $180,000 (cash: $20,000, accounts receivable: $70,000, inventory: $90,000), and...

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Accounting

Minden Co. has current assets of $180,000 (cash: $20,000, accounts receivable: $70,000, inventory: $90,000), and long-term assets that has cost $400,000, with accumulated depreciation to date of $180,000. Sales were $500,000, and operating profit was $50,000. Tax was $20,000 and interest paid was $10,000. A preferred dividend of $10,000 was paid to the common shareholders. There are 1,000 shares in issue, 500 shares as Treasury Stock, and the share price is $240 per share. The price to earnings ratio is:

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