Missouri Valley Industries, Inc. has 2,000,000 shares of common stock outstanding and total equity as given below:
Preferred Stock ($100 par value) $2,000,000
Common Stock ($1.00 par value) 2,000,000
Capital Surplus 6,000,000
Retained Earnings 10,000,000
Total Equity $20,000,000
Calculate the book value per share of its common stock. Assuming that all 2,000,000 shares ofcommon stock were sold at the same time, what was the price per share at the time of issue?