Fools Gold, Inc., has the following stockholders equity:
Preferred stock, 4%, $5 par,
33,000 shares authorized and issued.................................... $ 195,000
Common stock, $2 par, 100,000 shares authorized
63,000 shares issued............................................................ 126,000
Additional paid-in capital.......................................................... 2,170,000
Retained earnings...................................................................... 1,700,000
Less treasury stock, common (1,400 shares at cost).................. (45,000)
Total stockholders equity......................................................... $4,146,000
That company has passed its preferred dividends for three years including the current year. Compute the book value per share of the company’s common stock.