Refer to the shareholders' equity information of Xiong Inc. in Starter 13-10. Xiong Inc. has not declared preferred dividends for five years (including the current year). Compute the book value per share of Xiong Inc.'s common shares. Round your answer to two decimal places.

In Starter 13-10

Preferred shares, $0.025, cumulative, liquidation value $0.50,

50,000 shares authorized, 45,000 shares issued and outstanding ............ $ 20,000

Common shares, 1,000,000 shares authorized

and issued and outstanding ....................................................... 200,000

Retained earnings ................................................................... 130,000

Total shareholders' equity ........................................................... $350,000