Lerner had net income for 2016 of $111,000. Lerner had 31,000 shares of common stock outstanding at the beginning of the year and 46,000 shares of common stock outstanding at the end of the year. There were 10,000 shares of preferred stock outstanding all year. During 2016, Lerner declared and paid preferred dividends of $30,000. On December 31, 2106, the market price of Lerner's common stock is $36 per share and the market price of its preferred stock is