Following is the JenWu Corporation December $31,2023$ shareholders' equity section of the balance sheet, prior to the closing entries.

Viow the shareholder's equity section:

Note: No dividends were declared in $2021$ or $2022.$ The net income for $2023$ was $$260,000.$

What is the total book value of the common shares on December $31,2023,$ assuming no dividends were declared?

Shareholder's equity section

Contributed capital:

Preferred shares, cumulative, $$5\mathrm{.}00,6,000$ shares outstanding,

Ilquidation value $$42$ per share

Common shares, $30,000$ shares outstanding

$$220,000$

Retained earnings$/($deficit$)$

$500,000$

$(240,000)$