Santa Fe Boat Yard has total stockholders' equity of $3,650,000, comprised of the following:

- $1,170,000 in $5 preferred stock consisting of 11,700 shares of $100 par value.

- $640,000 in common stock of $8 par value per value.

- $700,000 of additional paid-in capital.

- $1,140,000 in retained earnings.

Assuming there are no dividends in arrears, the book value per share of common stock is:

	$45.63.
	$8.00.
	$23.00.
	$31.00.