IMA Believer Corp's balance sheet reported the following shareholders' equity as of December 31, 2016: Beginning of the Year End of the Year Current assets S62,000 $82,000 Current liabilities 25,000 55,000 Plant and equipment 300,000 350,000 Long-term liabilities 50,000 75,000 Common shareholders' equity 125.000 225.000 Preferred shareholders' equity 60,000 85,000 Share Capital: Preferred shares, S100 stated value; S5 cumulative, 10,000 shares authorized, 10,000 issued $1,000,000 Common shares 200,000 shares authorized, 50,000 shares issued 1,500,000 Total share capital $2,500,000 Retained earnings 500,000 Total shareholders' equity $3,000,000 9. Assuming there are 3 years' dividends in arrears (including that of the current year), determine (1) preferred equity and (2) book value per share of common shares