Falcon Financial Group is considering the purchase of Company A or Company B based on a low price-to-book investment strategy that also considers differences in solvency. Selected financial data for both firms, as of December 31, 20×7, follows:（）
A．$ 25.00
B．$ 26.00
C．$ 22.50
参考答案：C
解析：
Company A should be adjusted for the operating lease liability and the related assets; however, adding the present value of the lease payments to both assets and liabilities does not change equity (book value). Thus, Company A's adjusted P/B ratio is 2.17 =[$ 26 price/( $ 6000 million equity/$ 500 million shares)]. Company B's inventory should be adjusted back to FIFO by adding the LIFO reserve to both assets and equity. Thus, Company B' s P/B ratio is 2.06 = $ 22.50/[ ( $ 7500 million equity + $ 700 million LIFO reserve)/750 million shares].