Book value per share of common stock, and preferred dividends in arrears
The balance sheet of Moe Taylor, Inc., reported the following:
| Preferred stock, 7%, $30 par, 1,000 shares authorized, and outstandingissued | $ 30,000 |
| Common stock, no-par value, 11,000 shares authorized, 5,600 shares issued | 226,000 |
| Retained earnings | 80,000 |
| Total stockholders’ equity | $ 336,000 |
Requirement
1.Compute the book value per share of Taylor’s preferred and common stock if three years’ preferred dividends (including dividends for the current year) are in arrears.
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