Using data from the stockholders' equity section of Gem Corporation's balance sheet shown below, compute the book value per share for both the preferred and the com- mon stock. L01

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Contributed capital Preferred stock, $100 par value, 8 percent cumulative, 10,000 shares authorized, 500 shares issued and outstanding Common stock, $10 par value, 100,000 shares authorized, 40,000 shares issued and outstanding Paid-in capital in excess of par value, common $ 50,000 Total contributed capital Retained earnings Total stockholders' equity $400,000 516,000 916,000 $ 966,000 275,000 $1,241,000 "The preferred stock is callable at $104 per share, and one year's dividends are in arrears.