17. The Lunder Company has total assets of $22,542,000, current
liabilities of $2,547,000, and long-term liabilities of $7,410,000.
The firm has 1,000,000 shares of common stock outstanding. Compute
the firm’s book value of equity per share. 18. Referring back to
the previous question, if Lunder’s net income equals $1,600,000 and
Lunder has a P/E ratio of 15.0 (note that P/E ratio = stock price
per share divided by earnings per share), what is the current price
of the stock?
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