Book and liquidation value The balance sheet for Gallinas Industries is as follows, Additional information with respect to the firm is available: 1. Preferred stock can be liquidated at book value. 2. Accounts receivable and inventories can be liquidated at 94% of book value. 3. The firm has 10,000 shares of common stock outstanding. 4. All interest and dividends are currently paid up. 5. Land and buildings can be liquidated at 140% of book value. 6. Machinery and equipment can be liquidated at 71% of book value. 7. Cash and marketable securities can be liquidated at book value. Given this information, answer the following: a. What is Gallinas Industries' book value per share? b. What is its liquidation value per share? c. Compare, contrast, and discuss the values found in parts a and b. a. Gal X Data Table Gallinas Industries Balance Sheet December 31 Assets Liabilities and Stockholders' Equity Cash $ 30,000 Accounts payable $ 71,170 Marketable securities 51,760 Notes payable 38,820 38,820 Accounts receivable Accrued wages 97,050 142,340 Inventories Total current liabilities $ 148,810 Total current assets $ 321,150 $ 148,810 Long-term debt Preferred stock $ 77,640 Land and buildings (net) Machinery and equipment Total fixed assets (net) $ 122,194 203,656 Common stock (10,000 shares) 174,690 97,050 $ 325,850 Retained earnings $ 647,000 $ 647,000 Total assets Total liabilities and stockholders' equity