The stockholders’ equity of Huerta Company is as follows:

Given a redemption value of $108 per share for the preferred stock, calculate the book value per share of preferred and common stock, assuming the following:
a. No preferred dividends in arrears
b. Two years’ preferred dividends in arrears

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Stockholders' Equity Paid-In Capital: Preferred 10% Stock, $99 par value, authorized 49,000 shares, cumulative and nonparticipating, 4,000 shares issued and outstanding Paid-In Capital in Excess of Par Value-Preferred Total Paid-In Capital by Preferred Stockholders Common Stock, $54 par value, authorized 11,800 shares, 5,500 shares issued and outstanding Paid-In Capital in Excess of Par Value-Common Total Paid-In Capital by Common Stockholders Total Paid-In Capital Retained Earnings Total Stockholders' Equity $396,000 49,000 $297,000 59,000 $445,000 356,000 $801,000 159,000 $960,000