Riverbed Inc. began operations in January 2018 and reported the following results for each of its 3 years of operations.

2018

$265,000 net loss

2019

$42,000 net loss

2020

$843,000 net income

At December 31, 2020, Riverbed Inc. capital accounts were as follows.

8% cumulative preferred stock, par value $100; authorized, issued,
and outstanding 4,500 shares		$450,000
Common stock, par value $1.00; authorized 1,000,000 shares;
issued and outstanding 778,000 shares		$778,000

Riverbed Inc. has never paid a cash or stock dividend. There has been no change in the capital accounts since Riverbed began operations. The state law permits dividends only from retained earnings. (a) Compute the book value of the common stock at December 31, 2020. (Round answers to 2 decimal places, e.g. $38.50.)

Book value per share

$

(b) Compute the book value of the common stock at December 31, 2020, assuming that the preferred stock has a liquidating value of $105 per share. (Round answers to 2 decimal places, e.g. $38.50.)

Book value per share

$