Assume the following information for Flounder Corporation. Note that there are no dividends in arrears and the preferred shares are not participating Shareholders' Equity Preferred Common Preferred shares, 5% 295000 Common shares 430000 Contributed surplus 39700 Retained earnings 162000 Totals 295000 631700 Common share outstanding 4500 Book value per common share 140.38 Now assume the same facts for Flounder Corporation except that the 5% preferred shares are cumulative and participating up to 8% and that the dividends for three years before the current year are in arrears

Calculate the book value per common share given the stated assumption