Based on the reported information from the Relling Company as of 12/31/2005,

10% cumulative preferred stock, par value $10 and liquidation value $11. 20,000 shares authorized and issued: 10,000 shares outstanding = $100,000. Common stock - authorized 50,000/ 40,000 outstanding ($1 par value) = $40,000. Additional paid-in capital = $350,000. Retained earnings = $230,000.

The book value per share of common stock is: