CP 11-9 The following information is extracted from the shareholders' equity section of the statement of financial position of Gibson Clothing Inc. at December 31, 2018: Preferred shares, stated value $10, non-cumulative - Issued and outstanding 5,000 shares Common shares, stated value $2 - Issued and outstanding 20,000 shares Retained earnings Total shareholders' equity Additional information: $ 20,000 40,000 150,000 $210,000 a. There are $2,000 of dividends in arrears on the preferred shares. b. The liquidation value of the preferred shares is $25,000. Required: Calculate the book value of preferred and common shares