The stockholders’ equity section of Montel Company’s balance sheet follows. The preferred stock’s call price is $40. Determine the book value per share of the common stock.

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Preferred stock-5% cumulative, $10 par value, 20,000 shares authorized, issued and outstanding. Common stock-$5 par value, 200,000 shares authorized, 150,000 shares issued and outstanding Retained earnings Total stockholders' equity $ 200,000 750,000 900,000 $1,850,000