At December 31, Gorden Corporation has total stockholders equity of $3,000,000. Included in this total are preferred stock $467,000 and paid-in capital in excess of parpreferred stock $51,600. There are 11,900 shares of $50 par value, 8% cumulative preferred stock outstanding. At year-end, 182,000 shares of common stock are outstanding. Compute the book value per share of common stock, under each of the following assumptions. (Round answers to 2 decimal places, e.g. 15.25.)

(a) There are no preferred dividends in arrears, and the preferred stock does not have a call price.

(b) Preferred dividends are one year in arrears, and the preferred stock has a call price of $50 per share.

Book value per share (a) 13.63 (b) 12.67