An analyst gathers the following information about Meyer, Incorporated:

Meyer has 1,000 shares of 8% cumulative preferred stock outstanding, with a par value of $100 and liquidation value of $110.

Meyer has 20,000 shares of common stock outstanding, with a par value of $20.

Meyer had retained earnings at the beginning of the year of $5,000,000.

Net income for the year was $70,000.

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.)