Midnight Distribution Corporation’s balance sheet reported the following information at December 31, 2019:

Preferred shares, $3, cumulative, 11,000
shares issued, liquidation value $55 per share ................. $ 605,000
Common shares, 75,000 shares issued .............................. 2,000,000
Total contributed capital ...................................................... 2,605,000
Retained earnings .................................................................. 1,950,000
Total shareholders’ equity .................................................. $4,555,000

Assuming there are three years’ dividends in arrears (including 2019), determine the book value per share of both preferred and common shares. Round your answers to the nearest cent.