Exercise 18-11 Your answer is partially correct. Try again. Here is the income statement for Myers, Inc. Myers, Inc. Income Statement For the Year Ended December 31, 2020 Sales revenue $442,000 Cost of goods sold 218,000 Gross profit 224,000 Expenses (including $10,000 interest and $29,500 income taxes) 110,000 Net income $114,000 Additional information: 1. 2. Common stock outstanding January 1, 2020, was 16,000 shares, and 24,000 shares were outstanding at December 31, 2020. The market price of Myers stock was $16.05 in 2020. 3. Cash dividends of $26,220 were paid, $7,000 of which were to preferred stockholders. Compute the following measures for 2020. (Round Earnings per share to 2 decimal places, e.g. 1.65, and all other answers to m (a) Earnings per share 5.35 (b) Price-earnings ratio 3 times