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2017 2016 Income Statement Sales Revenue Cost of Goods Sold $120,000 $109,000 56,000 52,000 Gross Profit Operating Expenses Interest Expense 64,000 39,000 5,000 57,000 36,000 5,000 Income before Income Tax Expense Income Tax Expense (30%) 20,000 6,000 16,000 4,800 Net Income $ 14,000 $ 11,200 Balance Sheet Cash Accounts Receivable, Net Inventory Property and equipment, Net $ 66,400 $ 14,300 47,000 37,000 30,000 48,000 115,000 125,000 Total Assets $258,400 $224,300 Accounts Payable Income Tax Payable Note Payable, Long-Term $ 77,400 $ 50,200 1,100 600 50,000 50,000 Total Liabilities Contributed Capital (9,500 shares) Retained Earningst 128,500 95,000 34,900 100,800 95,000 28,500 Total Liabilities and Shareholders' Equity $258,400 $224,300 8-a. After Pinnacle Plus released its 2017 financial statements, the company's shares were trading at $45.70. After the release of its 2016 financial statements, the company's share price was $39.00 per share. Compute the P/E ratios for both years. (Round intermediate calculations to 2 decimal places and final answers to 1 decimal place.) Pricel Earnings 2017 2016