The equity section of Westchester Corporation's balance sheet shows the following.
Preferred stock-6% cumulative, $30 par value, $35 call price, 10,000 shares issued and outstanding $300,000 Common stock-$10 par value, 35,000 shares issued and outstanding 350,000
Retained earnings
267,500
Total stockholders' equity
$917,500
Determine the book value per share of the preferred and common stock under two separate situations.