5. If two years preferred dividends are in arrears and the preferred stock is callable at $70 per share, what are the book values per share of the preferred stock and the common stock?

Raphael Corporations common stock is currently selling on a stock exchange at $198 per share, and its current balance sheet shows the following stockholders equity section:

Preferred stock5% cumulative, $___ par value, 1,000 shares authorized, issued, and outstanding	$	60,000
Common stock$___ par value, 4,000 shares authorized, issued, and outstanding		80,000
Retained earnings		370,000
Total stockholders equity	$	510,000