The stockholders' equity section of Plaka Corporation's balance sheet follows. Assuming one year's dividend in arrears, determine the book value per share for both the preferred and the common stock. (Round to the nearest cent.)
Contributed capital:
Preferred stock, $100 par value, callable at $105 per share, 6 percent cumulative, 5,000 shares authorized, 100 shares issued and outstanding $10,000 Common stock, $5 par value, 50,000 shares authorized, 5,000 shares
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issued, 4,500 shares outstanding
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25,000
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Additional paid-in capital
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14,000
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Total contributed capital
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$49,000
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Retained earnings
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47,500
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Total contributed capital and retained earnings
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$96,500
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Less treasury stock, common (500 shares at cost)
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7,500
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Total stockholders' equity
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$89,000
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