Information on shareholder's equity as currently shown on the books of the Dhillon Corporation is given as:

Common shares ($2 par value)	350,000
Capital in excess of par	0
Retained earnings	7,800,000

a) From this information, calculate Dhillon's book value per share.

b) Rework the shareholder's equity as it appears on the books if the company issues 40,000 new shares of common at $70 per share.