An analyst gathers the following information about Meyer, Incorporated: Meyer has 1,100 shares of 9% cumulative preferred stock outstanding, with a par value of $100 and liquidation value of $110. Meyer has 25,000 shares of common stock outstanding, with a par value of $20. Meyer had retained earnings at the beginning of the year of $5,050,000. Net income for the year was $71,000. This year, for the first time in its history, Meyer paid no dividends on preferred or common stock. Required: a. Calculate the total book value of Meyer's common stock. b. What is the book value per share of Meyer's common stock? (Round your answer to 2 decimal places.)