Early in 2017, XYZ Company was formed with authorization to issue 7%, 10,000 shares of preferred stock, $ 100 Par and 100,000 shares of common stock, $ 10 Par. 60% preferred stock were issued @ $ 120 per share and 40% common stock were issued @ $ 40 per share. The company reported net income of $ 2,000,000 in 2017, $ 2,500,000 in 2018 and $ 3,000,000 in 2019. The dividend declared and subsequently paid on common stock were as follows:

2017 150%, 2018-170% and 2019-190%.

In 2017, the company purchased its own shares, 10,000 @ $ 150 per share in the open market. In 2018, it reissued 5,000 shares @ $ 180 per share and in 2019, it reissued 2,000 shares @ $ 120 per share.

Required: a. Prepare the stockholders equity section of the Balance Sheet as at 31^st December, 2017, 2018 and 2019. Include the supporting schedules showing your computations of retained earnings at the balance sheet dates.

b. As of 31^st December each year, compute the companys book value per share of common stock.