Midnight Distribution Corporation's balance sheet reported the following information at December 31, 2019: (Click the icon to view the balance sheet.) Assuming there are two years' dividends in arrears (including 2019), determine the book value per share of both preferred and common shares. First find the book value per share of preferred shares. (Round your answer to the nearest cent.) First find the book value per share of preferred shares. (Round your answer to the nearest cent.) The book value per share of preferred shares is $ 59.00 Now find the book value per share of common shares. (Round your answer to the nearest cent.) The book value per share of common shares is $ refer 0 Balance sheet shar Preferred shares, $2, cumulative, 14.000 shares issued, liquidation value $55 per share $770,000 2,200,000 Common shares, 72,000 shares issued Total contributed capital 2,970,000 1,930,000 Retained Earnings Total shareholders' equity $4,900,000 Print Done