Question 12 (1 point) The following data was taken from the equity section of Jack, Inc.'s balance sheet: Preferred shares, $7 cumulative, 1000 shares issued $110,000 Common shares, unlimited number shares authorized, 10,000 shares issued $265,000 Retained earnings 120,000 Assuming all preferred dividends have been paid on time, the book value of a common share is: 1) $32.92 2) $39.50 3) $32.08 4) $38.50 5) None of the above