Franks, Inc., has preferred and common stock outstanding as follows.

Franks, Inc., has preferred and common stock outstanding as follows. $6 preferred stock, 40,000 shares @ $100 par value Common stock, 500,000 shares at $10 par value Additional paid-in capital on common stock Retained earnings $4,000,000 5,000,000 800,000 1,750,000 Calculate the book value on common stock, assuming preferred dividends are cumulative and are currently one year in arrears. (Round your answer to 2 decimal places.) Answer is complete but not entirely correct. Book value $15.70 per share